20 Benefits of Bitcoin

Some of the most common questions from those who are just learning about cryptocurrencies are questions like “Why do I need Bitcoin?”, “What are the advantages of Bitcoin?”, “What can Bitcoin give me?”. Since it can be difficult to immediately identify the most important advantages of cryptocurrencies in each case, we made a list of 20 advantages: 1. Zero or very low commissions Commissions are practically independent of the amount transferred or the location of the sending and receiving parties. Transactions are often free. The commission is required only when generating technically large transactions that load the network, or very small amounts in order to avoid attacking the network by spamming a huge number of meaningless transactions. Also, there is no subscription fee, limits and other restrictions. 2. 24/7/365 Think about your business, not about when the bank is on weekends or lunch time. If you wanted to send a transfer at 3 am on Sunday, then it will be sent at 3 am on Sunday. 3. Instant transfers For banks, transfers between accounts take on average 3-5 business days, and maybe more if these are foreign transfers. In cryptocurrencies, transactions are instant. However, when working with large amounts, it is recommended to wait for several confirmations by the network of the transaction, usually it takes no more than an hour. 4. Security, reliability, security Cryptocurrencies use proven cryptography to store access keys to funds, divided into public and private keys. Similar algorithms are used by banks and other financial organizations to protect their data.. And the total computing power of the Bitcoin network, which is used to protect the history of transactions, back in 2012 exceeded the computing power of any supercomputer in the world. five. Technological advantage Excellent divisibility, easy transfer and authentication of virtual coins while retaining many of the advantages of cash. 6. New features Smart contracts, multi-signatures and other advances for the convenience of business and users. You can create guaranteed transactions when, for example, two out of three signatures are required to complete a transaction. Smart contracts allow you to set much more complex conditions for performing operations. 7. The ability to send microtransactions For example, thousandths of a dollar. These include new opportunities for content monetization and other business opportunities. eight. Easy start No complicated registration, age or any other restrictions. You don't need anything other than Internet access to get started.. You download the Bitcoin client on your computer or smartphone, it generates your wallet address. From now on, you can receive and send cryptocurrency. nine. Easily receive and send donations To receive donations, just publish your Bitcoin address. At the same time, the sender of donations can send them directly, which guarantees the absence of abuse of power. As, for example, happened with bank transfers to the victims of the earthquake in Nepal, which were forcibly transferred to the personal account of the Prime Minister. You can also donate to projects like WikiLeaks without revealing your identity and without fear of government reprisal. 10. Supranational system Cryptocurrency is the same supranational technology as the Internet. In recent years, the number of points working with cryptocurrency has only increased around the world.. Even big businesses like Microsoft or Dell are already accepting Bitcoin for their products. With further distribution, you will not need to think about converting between local currencies, lose on commissions and recalculate the cost of the product into your usual currency in order to understand how much it costs. Rubles, lira, crowns, shekels, rupees… Bitcoin!

11. Open technology Bitcoin source codes are open and available to anyone to study to make sure that the program performs only the declared functions and nothing more.. The software is distributed under the free MIT license. The system is much less dependent on the human factor, trust in the issuer or regulatory authorities has been replaced by algorithms, mathematics and cryptography. Decentralization and open development ensure that Bitcoin will not one day be shut down, taken over, or otherwise mischievous. 12. Market pricing Cryptocurrency value is not dictated by the authorities. You are not forced to accept cryptocurrency by force and only make certain payments in it, as is the case with public money. The cost of a cryptocurrency is determined only by the ratio of supply and demand in the market. Free market economy. 13. The ability to bypass any sanctions Despite the high volatility due to the free market, cryptocurrency exchange rate fluctuations can be much less than the fall in national currencies in the event of political instability in the state, or even a default. No dependence on central banks, local and other laws, religion, politicians and other attempts to interfere and limit your operations. Including sanctions. fourteen. Expansion of financial services coverage Diversity of current payment systems has not provided full territorial coverage and significant reduction in money transfer costs. This is especially true for international transfers and small amounts.. For example, the commission for transferring 100 rubles can be 250 rubles.. And in some African countries, mobile phone payments and prepaid services are more common than banking services. To use cryptocurrency, you do not need to deploy expensive infrastructure. In the simplest case, it is enough to install a light wallet on your smartphone and you can already receive and send payments. This is quite a sufficient condition for covering those social strata that do not currently use banking services. At the same time, there is no division into international and local payments, the cost of the transaction does not depend on this. An analogy can be drawn with long-distance telephone communications and Internet messengers such as Skype.. They allow you to make calls over the Internet much cheaper, allow you to conduct video calls, conferences and have a number of other advantages.. Similarly, e-mail has replaced traditional paper mail. Similarly, cryptocurrencies are now beginning to replace some traditional but outdated payment instruments. 15. Getting rid of intermediaries such as correspondent banks Which reduces transaction time, transaction cost, and also reduces the risk of errors. Decentralization, P2P interaction. 16. Complete control over your funds Most often, you cannot manage your property without your consent, this is punishable by law. But, as soon as you have sold your property, that is, exchanged it for money, new rules come into play. You can manage your money. Including completely legal. You can block your bank account, you can reverse the transaction. Without any notice, invest your money, or give it to someone at interest. Information about the money in the account is nothing more than a record that the bank owes them to you, you no longer have control over them. It is more difficult to carry out such manipulations with cash, but even without touching them in your pocket, banks can reduce their purchasing power by issuing new money.. Essentially – diluting your share of ownership. For example, 3 months ago you could buy a laptop for a certain amount, but today only a calculator. Everyone is already used to it and does not pay attention to it, the term “inflation” is known even to people far from the economy. Although, if someone takes your laptop away from you and leaves a calculator in return, this will cause at least indignation. In the same way, by directing emission to certain groups of persons or organizations, it is possible to redistribute wealth without even reaching into the pockets of specific citizens. With Bitcoin, such manipulations are impossible, due to the limited issue and lack of management of other people's funds.. Transactions cannot be revoked, your account cannot be frozen. 17. Privacy No financial censorship. You cannot be prevented from sending or receiving funds from someone. Only you are the owner of your money. And even more so than when dealing with cash. Also, no one can limit you in the number of wallets and addresses, you can start as many as you need. At least a new address for each transaction. eighteen. Removing opacity Now, when checking bank account balances, it is not uncommon to find small inconsistencies in the smaller direction for the client. When contacting support, it most often turns out that it was some kind of technical overdraft when withdrawing funds. Even if the client turned off the overdraft. Often, during international transfers, banks or payment systems automatically convert money at their own, far from the most favorable rate.. Sometimes even double conversions take place, when the funds are converted into the local currency, and then again into the currency in which the transfer was nominated. This is not the case with cryptocurrencies.. The commission, if it is needed at all, is indicated before the transaction is completed, you know it in advance and understand exactly how much the receiving party will receive. nineteen. Control where necessary If desired, you can link certain addresses to specific people or organizations to control financial transactions. For example, this can be done with the state. institutions to control the targeted spending of funds. twenty. Blockchain Opportunities Cryptocurrency technologies can be combined with others, extracting additional benefits. For example, blockchain can be used for decentralized rights management, registration of transactions, creation of alternative independent accounting systems.. It is possible to significantly reduce the cost of notary services, simplify, automate or even eliminate some outdated organizations such as passport offices. Some banks are now experimenting with replacing SWIFT with blockchain. Decentralized services are being developed for storing information, secure communications and other services. Including, it is also new business opportunities. In conclusion, I would like to add that the genie has already been released from the bottle, you can’t push it back with all your desire. The cost of creating a new cryptocurrency or changing an existing one is incomparably lower than fighting it. Do not underestimate the capabilities of states, they, of course, if they wish, will have enough strength to destroy the same Bitcoin in its current form. However, it is very easy to change its code, making it harder for attackers, and restart the network. At the same time, you can even use the old Blockchain to mark the time before the attack, that is, all user balances will remain the same. This does not require large time or financial costs, unlike an attack on the network. So sooner or later, but these technologies will occupy their niche in our daily lives. Welcome to the future!