“The cryptocurrency world is different to the traditional currency world. Here you can benefit and earn with a single click.
Here are some of the advantages of using Bitcoin that can benefit our clients;”
- Faster, Cheaper Payment Solution
“Bitcoin transactions can occur at any time, are fast and have lower fees. The average bitcoin transaction is executed in 10 minutes with fees, for simple P2P transfers to remittances, coming in at under 1%. This is due in part to the fact that traditional third party financial institutions like banks are removed from the transaction process. Merchants and individuals using bitcoins are not restrained by set banking hours, withdrawal limits or long transaction execution periods before funds become available.”
- Safeguards Against Currency Manipulation
Bitcoin is not owned or controlled by a country or governing body. Additionally, unlike many other forms of currency, the number of bitcoins that will be issued is finite, exactly 21 million. The benefit of this lack of ownership and finite amount is that the bitcoin supply cannot be artificially manipulated. When it comes to fiat currency, governments can easily print additional paper or mint coins, devaluing existing money in circulation and causing inflation. The decentralized nature of bitcoin decreases monetary concerns and largely leaves fluctuations in value up to natural supply and demand economics.
- Greater Transparency
Because all bitcoin transactions are permanently recorded on the blockchain, all transactions are public and traceable. The balance associated with each address is also part of the public record. The blockchain makes bitcoin much more transparent than many other monetary systems.
- Private and Secure
Although all bitcoin transaction details are stored publicly on the blockchain, the identities of the users involved remain relatively anonymous. Because payments can be made without including personal identification information, Bitcoin provides inherent security against identity theft. Additionally, there is no risk of being charged twice or of fraudulent charges being assessed to your wallet thanks to the blockchain, which monitors unique coin addresses and eliminates the possibility of paying multiple people with the same bitcoin. Bitcoin doesn’t offer the complete anonymity of cash but is certainly a far more private experience than making online payments or transactions using debit or credit cards.
- Greater Consumer Protections
The use of bitcoin as an alternative to fiat currency provides protection against the downside that can occur with traditional bank accounts. This includes the threat of bank failure or skimming. In the event of a bank failure, a customer can face frozen bank accounts while liquidation plans or bailouts are hashed out. In some countries, traditional bank customers may even find that banks will skim money off of customer’s accounts in order to to remain solvent. This occurred during the banking crisis faced by Cyprus in 2013. With bitcoin, individuals remain in full control of when and how their assets are retrieved, transferred and spent. Essentially, digital currency users become their own bank.
P2P exchanges allow the participants of the market to trade directly with each other without any trusted third party to process all trades. Peer to peer feature of bitcoin allow payments to be sent directly from one party to another without going through a financial institution. Unlike other payment service providers, there will be no transaction fee or very small deduction or fee for processing peer-to-peer transaction.
All advantages of decentralized crypto-currency exchanges arise from not having a single company in charge of things. A single point of authority offers some advantages - primarily, the faster trades. However, it also works as the single point of failure, meaning that every bit of damage to it affects the entire system.
"A purely peer-to-peer version of
electronic cash that would allow
online payments to be sent directly
from one party to another without
going through a financial institution.
“ -Satoshi Nakamoto
Bitcoin technology is a significant improvement over other traditional payment systems when it comes to the ability to utilize the currency for both micro and large-scale payments. Micro-payments can be made in increments as small as a fraction of a cent (0.00000001). Conversely, the system can also be used to make large-scale payments without the worry of daily transaction limits or slow deposit process that are common at many traditional financial institutions.
Bitcoin is currently the most valuable and widely adopted digital currency. A growing number of businesses, charities and other organizations are accepting bitcoin payments ranging from e retailers to law firms to sports franchises. Further, recent inflationary and banking crises across the globe have highlighted some of the key threats inherent to fiat currency. This creates additional opportunities for decentralized digital currencies.
Note: Gobaba does not provide financial advice. Whether or not to invest in bitcoin is something everyone must decide for themselves. Common advice is not to invest more than you can afford to lose.