Bitcoin has never been on a higher scale than today. This cryptocurrency has one of the biggest networks in the work as it reportedly counts over 5 million users. Even though most governments around the world consider Bitcoin as an outlaw currency, it received massive support from the people.
The massive support is the reason why so many experts believe that Bitcoin is the only cryptocurrency that has the potential to become legalized in the future. But, we are not here to talk about the future potential of Bitcoin.
We wanted to take a look at the features that this cryptocurrency has and how they have made it superior to its competition. With that being said, we’ll compare Bitcoin to both regular payment methods and other cryptocurrencies. Without any further ado, let’s dive into the details.
Advantages Over The Regular Payment Methods
The first advantage that we are going to mention is that Bitcoin’s transactions are instant. When using regular payment methods, it may take up to a week before the funds are transferred. Banks are processing their funds, which makes the process much slower. As you know, banks are totally excluded when using Bitcoin, which is why Bitcoin is far more efficient in that field.
Speaking of excluding banks from transactions, there is another big benefit for the users from that. Banks often impose various fees as they are their main source of income. With Bitcoin, banks cannot interfere with payments, hence they cannot impose any fees on you, which actually allows you to save money.
Probably the biggest advantage that Bitcoin boasts is the fact that you can make a lot of profit with it. Thanks to reputable trading sites like The Bitcoin Code, people can sell their assets pretty easily and earn solid money. To make things even better, the aforementioned site is very secure and every trade that you make will be safe. No unwanted parties will be able to gain access to sensitive data.
Since we already mentioned security, this is the last advantage that Bitcoin boasts over regular payment methods. Thanks to the fact that Bitcoin utilizes a method called cryptology, all of its users gain a certain level of anonymity, thus increasing their online security. This makes Bitcoin the safest method to use when it comes to online transactions. Additionally, Bitcoin has never been hacked.
Can You Use It As A Payment Method?
The advantages over the regular payment methods would be in vain if you couldn’t use Bitcoin to purchase goods or services. There are many local, national, and global brands that accept it as a payment method. Since global brands are the most popular, we decided to name a few of those companies.
The list of popular companies is massive, but some honourable mentions here are Microsoft, Shopify, Overstock, Expedia, and Starbucks. The most recent brand to join this list is Tesla. This famous electric car manufacturer invested around $1.5 billion in Bitcoin back in February.
Superior To Other Cryptocurrencies
Now that we are familiar with the advantages that Bitcoin boasts over regular payment methods, how does this cryptocurrency rank among others of its kind? There are thousands of other cryptocurrencies on the market, but Bitcoin manages to surpass them, as well. First of all, Bitcoin focuses on security far more than any other cryptocurrency. 90% of the crypto users in the world only trade with Bitcoin, which means that the network is much greater.
Not only that, but reports show that thousands more join each day, making its infrastructure ever-growing. Bitcoin also has greater liquidity, and its value is second to none. Finally, as stated earlier, due to Bitcoin’s popularity, this cryptocurrency is the only one that has the potential to become legal in the distant future.
Trading and mining
Not only cryptocurrency is reliable for both trading and mining. On the contrary, many cryptocurrencies are intended only for trading. This is another fact that goes in favor of cryptocurrencies because today many investors decide to mine.
When we talk about what is better, we would say that the choice is up to the investor. however, the experience of many has shown that trading is more suitable for beginners, while mining is considered a slightly more serious business as it requires more time as well as special equipment. Electricity consumption is also high when it comes to mining.
Bitcoin is very available
Bitcoin is easily available to anyone who wants to engage in trading or mining. In addition to the fact that it can be bought in the same places as other cryptocurrencies (exchange offices and various platforms), there is an even simpler way, and that is to buy at ATM. Hundreds of bitcoin ATMs are set up around the world that you can access 24 /. All you have to do is swipe your bank card, buy bitcoins and transfer them to the digital wallet that you have prepared in advance.
A digital wallet stores virtual money and can be hot and cold. Although the hot wallet requires internet access and is therefore exposed to hacker attacks, many users opt for it for practical reasons. On the other hand, we have a cold, hardware wallet that is much safer, but also more expensive.
Currently, many companies accept bitcoin as a means of payment, especially those that operate only over the Internet. Today, some companies pay their workers’ salaries in bitcoins, and they are also readily accepted as a means of payment for many services around the world (schooling, vacation in a luxury hotel, dinner in a restaurant, etc.). Any means of payment is legitimate when a sufficient number of people agree on its use.
A virtual currency used independently of central and all other types of banks has its advantages: anyone can buy bitcoins and keep them in a virtual wallet, from which they can then transfer them to others (for example, the company from which they buy something) or will receive in it bitcoin from other users. Each transaction is performed without the mediation of banks and corresponds to the handover of cash.