Bitcoin is the new kind of money for valid reasons. It is the world’s first online payment network that allows people with an internet connection to participate in it.
There are several reasons to call Bitcoin the new kind of money. Let’s find out what they are-
- Bitcoin can be Globally Transferred: Just like cash transactions, you can send Bitcoin anywhere in the world without any restrictions. Neither it is closed on weekends nor does it charge any extra money to access it.
- Bitcoin cannot be Reversed: Similar to cash transactions, Bitcoin cannot be reversed once the payment is made. Although, payments made through online payment systems, credit cards, and banks can be reversed back to the source. But there are higher fraud risks involved in these payments.
- Bitcoin is Private: When Bitcoin payments are made, there is no bank statement required or you don’t need to provide additional information to the merchants. When using Bitcoin, you don’t need to provide information for identification except for Bitcoin addresses and amounts involved.
- Bitcoin payments are Secure: The cryptographic nature of Bitcoin makes it a secure payment option better than credit or debit card transactions. Moreover, it doesn’t require any sensitive information to be shared on the internet from the people involved in payments. Therefore, the risk of any kind of financial or other fraud is minimized.
- Bitcoin transactions are Open and Free: Any Bitcoin transaction made is open to be viewed by the public without any exception. So there is no chance of any manipulation or the supply of Bitcoin being affected. The Bitcoin software is open and free so that anyone can view the code easily. There is nothing hidden about the transactions that place.
- Bitcoin is Safe: With over ten years of existence, the Bitcoin network has never been hacked. This is what makes Bitcoin a safe form of money because the system is open-sourced, and not restricted. In addition to this, innumerable computer scientists and cryptographers keep a regular check on the various aspects of Bitcoin and ensure its security.
How Easy it is To Use Bitcoin
It has become fairly easy to use Bitcoin these days for various needs.
Bitcoin Transactions are Simple to Make: Bitcoin transactions do not differ much from credit or debit card transactions. Instead of entering card information, you just have to enter the amount and the vendor’s public key using a digital wallet.
Bitcoin Payments ensure Privacy: Bitcoin payments do not ask for any personal information to be shared thereby offering privacy. You only need to reveal your name and address details, if you are purchasing any goods that need to be shipped.
Bitcoin offers Flexibility: It is a flexible payment solution that can be put to various uses depending on your interests. It can be put to different uses such as-
- You can exchange Bitcoin for cash using Bitcoin ATM.
- You can spend Bitcoin online just like any other currency.
- You can also hold some or all of the Bitcoin as a part of your savings and investment planning.
Bitcoin is a form of money that operates virtually and is mined by a decentralized network of computers. It has transformed the way financial exchange is made in the new digital era. That is why Bitcoin is recognized as a new kind of money.
However, the concept still needs a lot of exploration to be completely adopted by the people.