Looking at the popularity and fast spread of Bitcoins, a question arises: will Bitcoins beat fiat currency in the long run? So far, the most powerful currency, US Dollar, has turned out to have some drawbacks and most people hope that Bitcoins can not only overcome them, but prove to be better offering clear advantages.
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Here are some advantages of Bitcoins over fiat currencies.
No Central Regulatory Entity
Unlike fiat currencies, Bitcoin has no central regulatory entity to control it so it’s a decentralized currency. This means that no entity can inflate or drop its price by manipulating its supply. Also, with Bitcoin, you are at no risk of dilution of your savings because no government will print this money. Generation of Bitcoins takes place at a stable rate and is halved every four years, thus producing a limited provision of 21 million units.
Protection of Privacy
Bitcoin is an extremely transparent currency as you can view the public ledger any time to see where the payments come from and go to. But at the same time, no one can find out who is the holder of a certain Bitcoin address. You can remain anonymous throughout Bitcoin transactions, which is even safer than other money transaction systems like PayPal. Your account is numbered, but has no personal information that can be identified. If for any reason, you don’t want anyone to have knowledge of a transaction you are making, Bitcoin is your best choice - much better than any other payment option in a fiat currency, like a check.
Ease of Use
Opening an account in a traditional bank can be tough and time consuming because of lots of paperwork, legal language and so on. And if you go for a merchant account it’s even more difficult. Compared to this, opening a Bitcoin account is easier and quicker. You don’t have to collect any documents. You just send Bitcoins to an electronic address.
A traditional wire transfer of a fiat currency takes long to process (at least up to a couple
days), whereas a Bitcoin transfer takes only about 10 minutes. This quick transfer can take place anywhere in the world. Physical banks that process fiat currencies are open for specific hours and are closed during nights and also on weekends. Compared to this, Bitcoins are transferred at any time of the day, week or month, as soon as they are processed.