Section Two: Benefits of Bitcoin
Benefits of Bitcoin
- Easy to Access: It is effortless to send money from one country to another country using money. We can buy and sell Bitcoin using online exchanges like buying stocks online.
- Security: In Bitcoin, the peer-to-peer computer network is used that helps to secure all transactions. If a hacker wants to hack and commit fraud, he must hack many computers, which is impossible.
- Decentralization: In the stock market, New York Stock Exchange is the centralized party; in banks, the Federal Reserve and SEC (Security of Exchange Commission) has the authority to control the whole system. But, in Bitcoin, there is no individual party to own it. Instead, Bitcoin is maintained by many people in different places called miners.
- No Hidden Charges: If you want to make an international transaction, you have to pay extra hidden costs to convert into one currency to another (US dollar to Pound). Bank takes that additional charge for making the payment successfully. But in Bitcoin, you do not have to pay such hidden costs for transactions.
- Highly Profitable: As I mentioned earlier, the current price of one Bitcoin is more than $45,000. When Bitcoin just started, the price was only $0.0008. It beats inflation, too, with a large margin. Therefore, holding Bitcoin for the long run, like 5-7 years, can create massive wealth.
- Demand and Supply: There are only 21 million Bitcoins in the market. Limited supply and higher demand mean the price of Bitcoin will keep increasing as more and more people choose Bitcoin for their first crypto choice.
There are always opportunities in cryptography; second-gen infrastructure blockchain Ethereum is a decentralized, open-source blockchain with smart contract functionality, the second-largest cryptocurrency in market capitalization. Ethereum is similar to Bitcoin but competent to execute complex functions without using a third-party intermediary. This allows the decentralization of alternative acts in today's societies that we may see a problem to solve for the people.