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Aug 7, 2015
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Why use Bitcoins?
Beginner’s guide to Bitcoin
Bitcoin usage overview
Since Bitcoin is a relatively new form of currency that hasn’t still hit the mainstream, many people don’t really know why they should use Bitcoin rather than their current currency. So the questions remains… “Why Use Bitcoins?” We gathered some good reasons for you, why you should consider giving Bicoin a shot.
Bitcoin is fast
When you send Bitcoins, you can except them to arrive in just a matter of seconds. So it is much faster than when you pay a cheque from another bank into your own. This is because when you pay the cheque, the bank will most probably hold that money for several days. Why do they do that? Because the bank can’t trust that the funds are really available.
Bitcoin is cheap
Transferring Bitcoins costs just a few pennies, but in some cases it also can be free. You can also send as much funds as you wish.
Bitcoins are perfect for our current generation
By that we mean that Bitcoin is simply made for our current Internet-generation. It’s nothing new that we are quickly moving past the days of carrying around paper cash or even pulling out credit cards from our wallets. Althrough Apple and Google have made some significant steps to move away from the standard wallets (see Apple Pay and Android Pay), Bitcoin goes several steps further than that. Bitcoin equips users with a paymant option that is significantly lower in fees, provides a very short to none transaction time (like mentioned before) and is accessible through the dozens of Bitcoin wallets.
Bitcoin is decentralized
What does this mean? Well this just means that nobody can take away your Bitcoins from you. No central authority has control of Bitcoin, and so a bank can’t take it away from you. So if you don’t tust the traditional banking system, this is a real big deal for you.
Bitcoin isn’t inflationary
The problem with euros and dollars is that the governments can print as much as they like. For example, if there are not enough dollars to pay off the national dept, then the federal reserve can just print more. Actions like this cause the value of a currency to decrase. Unlike the dollar or euro, Bitcoin was designed to have a maximum number of coins. Only 21 million coins will ever be created. This means that after that, the number of Bitcoins will not increase and there will not be the problem of inflation. It’s actually more likely that a deflation happens, where the price of products and services falls.
You own it, so you don’t need to trust anyone else
Unlike in a conventional bank, you do not have to trust people to handle your money. Because Bitcoin is entirely decentralized, you don’t have to trust anybody, if you don’t want to. There is also no other electronic cash system in which your account is not owned by someone else. Let’s take PayPal for example: if the company for some reason decides to freeze your account, they can. With Bitcoin you own the informations that make up a bitcoin address and no one can take that away from you.
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