Bitcoin usage has been a hot topic at the moment as a global financial crisis looms and the war in Ukraine continues to affect global energy supplies. It is a discussion and trend that is expected to increase and peak in the foreseeable future. It is a currency that has had its detractors, but on the whole the advantages of using bitcoin are numerous and varied and are important to know and understand if you too are going to be able to make the most of this crypto current surge. The following are the top 5 advantages of using bitcoin.
1. Global ease of access
It can be used pretty much anywhere; you can send and receive bitcoins using only a smartphone and as long as you have internet connection then you can be transacting with bitcoin. It is a global currency, even though it is all online. So, although the actual bitcoin wallet is entirely secure its legal owner is able to access it wherever they have the internet. It is a currency without borders and arguably thus, one of the most versatile in the world.
2. User anonymity
As long as you have the right cyber security then bitcoin allows for anonymous financial transactions. Although the details of every single transaction are recorded on a detailed ledger, they are all anonymous and as such provide a sense of privacy in these online transactions.
This is the kind of privacy that makes the bitcoin casino one of the most popular ways to spend and enjoy your bitcoins and hence its current popularity.
3. High levels of security and independence from central government authority
Bitcoins ownership address can only be altered by the current owner and because the currency is built and established on blockchain cryptography, it makes for a safe and secure financial solution. Every single transaction is recorded and stored and cannot be removed and as such it is impossible to hide these, yet they are anonymous and cannot be tampered with.
As a peer-to-peer form of payment there is no central authority making any money or with an interest or anything to gain in your personal transactions. No unnecessary admin or service changes.
4. Huge potential returns
The currency is extremely volatile and thus there is high risk and where there is high risk there is high reward. The possibility of receiving massive returns on any bitcoin investment are still very real and one of the main reasons people still invest in bitcoin. From under $1000 in 2017 to over $60000 in 2021, the rise in value has been metronomic and as such the investment potential still exists.
These are but a few of the many advantages of using bitcoin that there are and that have caused the dramatic rise of the use and spread in bitcoin as a widely used global currency. It is always advised to do your due diligence with any financial transactions and the bitcoin is no different, but it definitely does offer some interesting options worth considering.