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Why Does the World Need Bitcoin?

Bitcoin, a first and most trusted cryptocurrency in a world, also known as digital currency, invented by Satoshi Nakamoto in 2009, uses rules of cryptography for regulation and generation of units of currency. It falls under the scope of cryptocurrency and is the first and most valuable.

It offers the lower transaction fee in comparison to other online payment methods. Decentralized operation makes it convenient for buyers and suppliers instead of currencies that are issued by government.

this cryptocurrency is used by private and public keys, that are formed with mathematical encrypted algorithm based numbers and letters. This key similar to ATM key is used for transaction and transmission. These transactions can be done peer-to-peer and instant. The independent companies and individuals, owning computing power can participate in Bitcoin network, popularly called Mining. It motivates the suppliers and buyers with rewards. The total supply of bitcoin is 21 million with periodic declining rate that is enforced by decentralized authority.

But still the question remains same, “Why does the world need Bitcoin?”

The ones who have created Bitcoin has already made huge decent amount and they sell it in high price and earn high amount. However, government is trying to remove as it leads to lobbying by big financial consultants and politicians as they are quite scared of digital currency.

There are multiple reason why banks avoid cryptocurrency as it’s completely decentralized and no-one hold the entity. Premature growth can be hindered but no one can stop Bitcoin. And as every transaction happens on block, making people see it around the world. But they forget that the main purpose of cryptocurrency is to make someone their own bank. By doing this it will allow people to no longer depend on any bank and it’s easy for them to send and receive money anywhere.

Moreover, if a bank decides not to open account for someone or give them loan, considering them as liability, it becomes a quite difficult for the person to be economically strong. But digital currency will enable the person to be a part of global economy and none can deny their right to send, receive and save the money globally.

We are well aware that we have to wait for maximum 3 days to do any international transaction, but with Bitcoin or digital currency, it will be fast and free as there will be no transaction charges and fees. Along with this, you won’t have to worry when you are travelling overseas and have to get money exchanged, as people around the world would accept digital currency.

Not only this, the corruption will also get reduced. People who have used Bitcoin Erfahrungen haben that they are traceable and each and every transaction is verified and registered and cannot be amended, altered or hidden. However, users also get an option of privacy focused Bitcoins enable you to leave no marks or traces.

Bitcoins or call is as cryptocurrency is decentralized, hence no force, military or commodity can destroy it as there are no malware, hacks or backdoors to do any malfunctioning. Plus everyone gets a chance to decide the price under global agreement. No political conflict get an option of manipulation.

Along with this there are other benefits which one gets using Bitcoins –

No Risk of Inflation

When a downfall happens in purchasing power after the government issues more money, inflation occurs. However, in Bitcoin the number is finite to 21 million, leaving no possibility to issue more currency. Hence, with zero risk of inflation in Bitcoins, you can securely preserve your coins, giving the benefit to both the buyer and the seller.

Lower Fraud Risks for Buyers

Convenient for buyers to make payment without sharing debit and credit card details with sellers. It works as a digital cash, and decoding encryption is not possible by hackers, hence leading to lower fraud risk.

Low Transaction Fee

The favorite destination for small business as has low transaction fee as compared to debit and credit card purchases.

No Third party Involvement

The peer to peer transactions of Bitcoin makes it easier and simpler for both buyer and seller. No third party inventory involvement is there, hence neither anyone gets the right to claim for your coins not anyone can claim for it. Coins cannot be seized or stolen by anybody or government in any form.

Easy to Use

The international transportation of Bitcoin is as easy as going for an evening walk. For transportation, all you need is a memory stick and things get sorted to get the job done. Currency can be used in any country without getting in touch with your local bank as currency conversion is not required.

Hence, with the rising rate of 1400%, bitcoin has raised from $1000 to $19000, resulting the hike in price and production cost can be bought directly from people or exchanges by paying hard cash, debit or credit card and wire transfers.

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Catherine

Catherine Han founded Murals Plus in 2017 and is currently the managing editor of the media website. She is also a content writer, editor, blogger and a photographer.

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