Bitcoin and its Many Benefits

For many, the word Bitcoin is a total freedom, one of the many reasons why we need bitcoin in our society today.

Bitcoin is a globally recognized means of payment, exchange for goods or services. It is a cryptocurrency, a digital currency with a decentralised system of carrying out transactions that are completely free from third parties. It has the features that allows it to functions as a traditional system of payment and also carry a distinctive number of features that makes it unique and different from the traditional system of payment.

Back in 2009, the famous yet unknown Satoshi Nakamoto, the founder of bitcoin mined and releases the first bitcoin where he sent 10 bitcoin to cypherpunk Hal Finney as the first bitcoin transaction in history. It was recorded that one bitcoin worth $0.30 in 2011, $7.3 in 2012, $152 in 2013, $315 in 2014, $434 in 2015, $996 in 2017 and $9651 currently in 2020. If we carefully monitor the trend we will see a positive upward movement of increase in the worth of bitcoin every year which without doubt classify bitcoin as a digital Gold.

In other to be more precise about the benefit of having bitcoin or accepting it as a means of payment, outlined below are some of the many important reasons why bitcoin is highly needed in our society.

1. Decentralisation: Unlike the traditional - centralised system of payments, bitcoin transactions are peer to peer transaction between the reciever and the sender without no third parties to mediate for them. Bitcoin is not stored in a central bank but collectively stored as a digital assets across several thousand of computers which makes it very difficult for it to fail or stopped by attackers.

2. Anonymous: Bitcoin transactions does not reveal the identity of its sender or the reciever. Unlike the traditional system where you have to send sensitive material like names, you only need to send your bitcoin address without revealing your name. This completely makes it secure and safe from third parties.

3. Fast Transfer: While it may take weeks for traditional transfer of funds from other part of the world to you, it takes about 10 to 20 minutes to confirm a bitcoin transactions successfully.

4. An asset: Apart from being a payment system, bitcoin is also considered a digital Gold that appreciate considerably within a specified time. Making it a good investment idea to store bitcoin

5. Cheap processing fees: with a more cheaper transfer fees, bitcoin has shown to more reliable than the traditional system of payment where high fees are charged to transfer money.

The fact still remain the same, bitcoin is here to stay and if I am to make a second choice after bitcoin, I will choose bitcoin again. Owing to its flexible and reliable method of transaction, "Bitcoin is the future of money"


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