Bitcoin is a decentralized digital currency which is valued based on supply and demand with limited supply. When compared to fiat currency, Bitcoin is superior in nearly every single way, from speed, price and efficiency.
There might be two current reasons that hold Bitcoin back from being completely better than fiat currency, but there are just some many more reasons it’s better.
Firstly, Bitcoin is untraceable which means if you send money online to someone you don’t know and they don’t provide the product or services you ordered, there’s almost nothing you can do. Though, this can be prevented by only using Bitcoin as a payment for reputable companies or reputable sellers on a known platform.
The volatility isn’t necessarily bad news, though. If you’re one of those who believe the price of Bitcoin will drastically increase in the next few years, buying Bitcoin while it’s still under $10,000 a coin could yield a very good return on investment. Alternatively, volatility serves well for traders.
For why Bitcoin is better than money, meaning all fiat currencies, we will just cover a few key reasons, because there are just too many to list.
Credit card fraud is in excess of $20 billion a year and growing with RFID contactless technology now making stealing your card details easier without having to touch you. For Bitcoin it’s quite a different story.
To put it bluntly, Blockchain, the technology Bitcoin runs on and has never been compromised. Basically, to breach the Blockchain’s security, it would take a decade and a quantum computer. Hacking the Blockchain would be like solving a 216 square Rubik’s Cube that’s fighting back.
1 Bitcoin in the USA = 1 Bitcoin in Egypt or Australia. It’s a global currency.
This is a big thing when it comes to Bitcoin vs Fiat currency. The amount of times money is held, delayed or needs to be verified is beyond frustrating. The delay in international wire transfers forces people to use things like Paypal, who have the power to hold your number until they’ve verified it’s you. The only problem with that is it could take days and if your transfer is important and needs to be sent immediately, it’s out of your control.
You can safely send an unlimited amount of money in minutes to any person on the planet for a small fee and no government agency or institution intervention to delay your transfer for fraud alerts and verification.
There are many more reasons beyond these that cryptocurrencies are far superior to the Dollar, Euro and British Pound, and it will only be a matter of time before everyone starts to see the true value.
It’s likely that one day very soon, fiat currency will be a footnote in history and the world will use a global digital currency as mentioned by American Express among others.
To invest or purchase cryptocurrencies on the leading platform, you can do so by creating a free Coinbase account.