The Several Advantages That Bitcoin Has Over the Current System.

Bitcoin is the first cryptocurrency in the world and one of the most recent technologies that had a massive impact on the banking industry and therefore is a point of discussion in the media too. The aim of this article is to identify and analyze the various benefits of Bitcoins.

How Paper Money Works?

• Firstly, Bitcoin has significantly lower fraud risks and higher security: Bitcoin allows its buyers to complete their payments without sharing any sensitive financial information to the seller. Thus, their users can initiate, at a certain degree, their transaction in an anonymous environment.

• Furthermore, the users have complete control over their money: The entire process of bitcoin transactions is peer to peer. No third parties (Banks, governments) are allowed to freeze someone’s account or confiscate his holdings

• Also, bitcoin is significantly cheaper to use than traditional wires and the transaction fees are notably lower in comparison to those made for debit and credit card purchases

• Moreover, Bitcoin, unlike fiat currencies, was designed to be digital by nature. This means that the user can add additional layers of programming on top of it and turn it into “smart money”. By smart money, we mean the capital that is being controlled by institutional investors, market mavens, central banks, funds, and other financial professionals.

• Last but not least, Bitcoin opens up digital commerce to a large audience of people around the world who do not have access to the current banking system. Those people that are unbanked or underbanked because of where they live, are estimated to be around 2.5 billion. However today with a mobile phone and a click button, they can start trading and using Bitcoin, as no permission is needed

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Merchants that accept Bitcoin

Nowadays, there are several online and offline merchants that accept Bitcoin. Some of those merchants are; Microsoft, Expedia, Wikipedia, Overstock, etc. You can even order a flight or book a hotel with Bitcoin if you like. There are even Bitcoin debit cards that allow you to pay at almost any store with your Bitcoin balance. However, there is still time needed toward acceptance by the majority of the public as a mainstream currency

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