Did you know that bitcoin launched in 2009 and is the largest cryptocurrency around the world? If you are thinking about making the switch to using cryptocurrency but are wondering “is bitcoin useful?” you are in the right place. We have put together this short guide to share the top bitcoin benefits.
Keep reading to learn the main benefits of bitcoin.
When you are sending money to other people around the world using traditional services such as Western Union or bank transfers these tend to cost a lot more than sending money with bitcoin. Sometimes there are also minimums you are allowed to send using traditional methods.
2. Your Own Bank
Another benefit of bitcoin is that you are your own bank. You do not run the risk of your money being frozen or having your money intervened by anyone. Your bitcoin money belongs 100% to you and no one can take that control away from you.
This means that if you feel like putting some of your money in the best BTC Casinos then you can go for it.
Another pro is that all of the transactions that take place with bitcoin are public. Anyone can go into the history of transactions and see how many bitcoins were bought and sold, including details such as dates and times. The only thing is that it does not show names it only shows the Bitcoin address that was used for the transaction.
If you own a business this transparency is huge because you do not have to worry about any money getting lost or mixed up. You can always see where the last penny in your business goes as long as you search with the Bitcoin address your company manages. This takes the element of human error out of the equation.
4. Limited Supply
With Bitcoin, no one can ever generate more bitcoin coins. For example, if a politician or a banker suddenly feels like printing more money they can but with bitcoin, they can’t make anymore. 21 million is the final number and once all of those 21 million coins are mined, no more bitcoin will ever be generated.
5. Open Source
If anyone feels like studying, auditing, or improving bitcoin, they are more than welcome to do so without any stipulations. It is completely open-source and free software. In fact, there are hundreds of people that are working on it daily and improving it without getting paid a dime.
You can even choose to clone it and start a new cryptocurrency if you feel that you can create a coin that will be of value and can serve a purpose in the future.
Feeling Like a Bitcoin Benefits Pro?
We hope that now that you know the top bitcoin benefits, you can make an informed decision before making a purchase.
Did our article help you out? Feel free to look around our finance section for some more reads.