Anyone dealing with bitcoin or even reading this will have at some stage had to explain it to someone with no knowledge. It is not always easy, but keeping these major benefits in mind may convince the cynics.
Explaining the benefits of bitcoin can be a challenge as most people with little knowledge of it will be highly skeptical. The first thing they will doubt is how an entity without a physical presence can have a monetary value.
In a recent Medium, The Startup has explained the key benefits of bitcoin for the benefit of non-believers.
Identity and Privacy Protection
One major advantage bitcoin has over traditional finance is identity protection. Even moving small amounts of money these days involve demands for identification and proof of where funds came from.
As the world moves towards a cashless society, every single transaction made can be linked to your identity giving banks and corporations unprecedented amounts of data on your spending habits.
You may not have anything to hide but a little privacy is still a personal right. Bitcoin, and a number of other privacy-based cryptos, can offer anonymity and privacy beyond any traditional method of moving money.
Bitcoin works everywhere and at all times, that is failing a catastrophic collapse of the internet. Centralized platforms such as banks and credit cards can and do go offline with single points of failure. Bitcoin is a global network with 100% up-time.
Mobile payments are made simple and you don’t need to understand cryptography to use bitcoin just like you don’t need to know how TCP/IP works to send an email.
Bitcoin: Low Fees and High Speeds
Banks and centralized payments platforms such as PayPal make billions in profits by charging their customers to manage and move their money. High fees and slow transaction times with SWIFT are commonplace and the system is archaic by today’s standards.
Bitcoin can be sent anywhere for a fraction of the cost, regardless of the sum or destination, in a matter of minutes.
Bitcoin also gives you full control of your money. Much of South America and a lot of Asian countries have strict capital flow controls restricting what people can do with their own money. As economic woes escalate these restrictions are likely to spread and people will have less control over their own finances.
Authoritarian regimes and banking systems restrict freedom but bitcoin gives it back. You can send and receive it anywhere in the world without any state meddling or surveillance.
Central banks also manipulate their currency flows and value in order to perpetuate a massive credit bubble and galloping debts. Bitcoin cannot be manipulated in terms of inflation or supply, it is finite, unlike the US dollar for example which has been flying off the printers in recent months.
These are just a few of the advantages that bitcoin has over traditional finance. It is a revolutionary technology that gives financial freedom back to whoever holds it.
What other benefits does bitcoin have? Add your comments below.
Image via Shutterstock The post appeared first on Bitcoinist.com. origin »
What is Bitcoin/Cryptocurrency and what are its benefits? Are there many people who don’t understand what virtual currency and bitcoin are? Certainly, it is not surprising that difficult terminology and unfamiliar graphs are used.
"Financial privacy is like a fundamental right", says Jesse Powell, CEO, and Co-founder of Kraken. But Bitcoin and other cryptocurrencies are pseudonymous, i.e., transaction information is easily avaiThe post Kraken CEO: Govts will take time to understand benefits of privacy coins appeared first on AMBCrypto.
OpenNode, a bitcoin payment processing service, has announced a new enhancement on its platform enabling a scheduled bank transfer feature. The new tool combines the benefits of accepting bitcoin – no chargeback fraud, lower fees, and easy international payments – with the convenience of supported fiat currencies.
Bitcoin Mercantile Exchange (BitMEX) a bitcoin trading venue that offers professional traders up to 100x leverage, Bitcoin futures and swaps, has announced that it now enabled Bech32 sending support on its platform, making it possible for its users to withdraw their bitcoins (BTC) to their Bech32 wallets and enjoy exciting benefits, according to a blogRead MoreRead More.
An increasing number of authors in China are turning to blockchain technology for intellectual property (IP) protection, reports media outlet Khaosod English, November 27, 2019. Tackling the IP Problem Thanks to the immense, multi-faceted benefits of blockchain technology, it has become an ideal fit for various industries across the globe, The emerging technology, today, isRead MoreRead More.
Andreas was recently interviewed by Peter McCormack on Defiance regarding the benefits of using virtual currencies in today's age.
The renowned Bitcoiner first spoke of how traditional financial meThe post Bitcoin saves people from clutches of financial surveillance: Andreas Antonopoulos appeared first on AMBCrypto.
If you are considering entering the crypto universe or if you’ve only recently made your first investment, you might still be exploring the benefits of bitcoin as opposed to your credit card, online bank account or digital wallet you are used to.
Bitcoin is something you hodl. Ethereum is something you build on. At least that has long been the official narrative, with projects favoring dedicated smart contract networks over Bitcoin for spinning out dapps and second layer solutions.
Joseph Lubin, the co-founder of Ethereum and ConsenSys, offered his thoughts on the so-called “Ethereum killers” as well as the state of regulation in the cryptosphere. As per an interview by Forkast Focus, Lubin rightfully acknowledges the benefits Bitcoin and Ethereum gained by being first movers, November 18, 2019.
This week members of the Bitcoin Cash (BCH) community donated funds to Eatbch South Sudan volunteer Thiong Deng so he could spread the word about the benefits of BCH at the Young African Leaders Summit.
Whilst Europe and the United States continue to show reticence about crypto and blockchain technology, China appears to be going full steam ahead with many state actors talking up the potentials inherent in decentralized technology.
With the bullish momentum of the Bitcoin, many prospective individuals have started showing interest in using cryptocurrencies. The benefits such as effective and efficient transaction methods, make iThe post Xcoins crypto services bridges the gap between its users and virtual assets appeared first on AMBCrypto.
On Friday, China’s leader, President Xi Jinping, absolutely floored the Bitcoin community. Speaking at a meeting of the Political Bureau of the Chinese Communist Party’s Central Committee, Xi called for the adoption of blockchain “as an important breakthrough for independent innovation of core technologies.
Miami based bitcoin ATM maker Bitstop has recently installed Miami International Airport’s first crypto ATM, according to a press release issued October 15. The installation adds to the 106 machines the company has already placed across the U.
Coinspeaker U. S. Congressman Says Facebook is Better Off Adopting Bitcoin than Struggling for LibraU. S. Congressman Warren Davidson believes that Bitcoin will bring more benefits to Facebook than its own crypto project Libra.
Bitcoin Cash has been around for quite some time, but lots of individuals are still learning about the innovative technology each and every day. One particular way people can be kept up to date with crypto-related news and learn about the benefits of Bitcoin Cash (BCH) is through podcasts and streaming media.
Bitcoin Cash has been around for quite some time, but lots of individuals are still learning about the innovative technology each and every day. One particular way people can be kept up to date with crypto-related news and learn about the benefits of Bitcoin Cash (BCH) is through podcasts and streaming media.
The store of value narrative for Bitcoin has been gaining a solid amount of traction over the years, notably naysayers have used the supposed lack of solid data to deny the benefits of Bitcoin in an investment portfolio.
CME Group’s global head of equity products, Tim McCourt, believes that Asian traders and miners will welcome their Bitcoin options product with open arms come Q1 2020. As per an interview with South China Morning Post, CME anticipates greater demand for options contracts given the immense benefits of using it as a hedging mechanism, October 10,Read MoreRead More.
President of the Russian Central Bank, Elvira Nabiullina, believes there is no immediate need for Russia to explore launching a sovereign digital currency. Despite having studied and researched these topics, the central bank doesn’t believe there are any obvious benefits to the economy, as reported by TASS, October 10, 2019 Happy With Current Monetary RegimeRead MoreRead More.
Gate. io launches new 20% discount offer on bitcoin (BTC) purchases - CryptoNinjas
Crypto exchange Gate. io, today announced a new offering for $250K worth of bitcoin (BTC) with a 20% discount on its special ‘Startup’ platform.
A man named Oscar Salas recently spoke about his quest to spread bitcoin cash (BCH) adoption on episode 34 of the Bitcoin Cast show. Salas explained in great detail how he is a passionate BCH supporter and the organizer of the Maracaibo city BCH meetup.
Cryptocurrencies like bitcoin cash are ideally suited to payments. While their popularity increases with growing awareness of the benefits of peer-to-peer electronic cash, mass adoption remains a long-term goal.
Crypto miner HIVE sees 140% income rise over FY2018 - CryptoNinjas
HIVE Blockchain Technologies Ltd. (HIVE), an operator of cryptocurrency mining facilities, today announced its results for the fourth quarter and full-year ended March 31, 2019 (all amounts in US dollars, unless otherwise indicated).
Ex Federal Reserve senior official, Simon Potter, has rebutted against Mark Carney’s recent suggestion to introduce a digital currency to be used as the global reserve currency for international settlement.
As the Bitcoin price is seemingly intent on trending lower over the next few hours and days, there will be other markets reaping the benefits. Altcoins need to rise up in value to thwart Bitcoin’s gravitational pull.
It is difficult to convince people about the benefits of Bitcoin. That situation isn’t aided by the fact how most individuals perceive Bitcoin as either a speculative tool or a tool for criminal activity.
There’s a small team of committed researchers and activists called the Ryver Bitcoin Cash group surveying Venezuelans, and giving them educational resources about the benefits of bitcoin cash.
A week ago, prominent cryptocurrency website, Bitcoin. com, announced the launch of its cryptocurrency exchange. Roger Ver’s exchange, listed Bitcoin Cash, Bitcoin, Ethereum, XRP, Litecoin, and Dash.
As someone who was there from virtually the start, Roger Ver has seen and done it all in Bitcoin. A tireless evangelist for Bitcoin since long before it was cool, Ver remains a vocal proponent of the benefits of peer-to-peer cash and its power to effect positive change in the world.
In the midst of an unfavorable political climate in Hong Kong, Telegram, which has been used to organize protests in the region, will launch more privacy-enhancing features on its platform, as reported by South China Morning Post, September 4, 2019.
The clear rise in adoption of cryptocurrencies can be noted across various sectors, such as tourism. Major heavyweights of the tourism sector, such as Blockchain Cruises and Expedia, are already offering services that accept payment in crypto.
Social media giant, Facebook’s dramatic entry into the crypto-sector diverted the attention of the world towards the ecosystem. Even as Facebook struggled to receive support from lawmakers, several people from the crypto industry expressed their support toward Libra.
The Lightning Network (LN) is a second layer solution on Bitcoin, allowing users to transfer funds across channels without using the blockchain. The idea, started off by Satoshi, uses routed payment channels technology to complete the transactions instantly.
The famous Winklevoss Twins, who founded the Gemini exchange, affirmed that retail investors are still getting more benefits from the Bitcoin market than the Wall Street institutional investors during a recent interview with CNBC.
IBM is partnering with other companies to roll-out a massive blockchain-based program that will improve the supply chain management of 4,000 North American companies. Improved trackability, smaller administrative costs and less risk of fraud are the main benefits provided by the new blockchain-based solution.
At a CNBC’s Squawk Box show, Anthony Pompliano says that investors around the world are going into Bitcoin since it has something that conventional assets do not
Bitcoin enthusiasts seeking to make clandestine investments and grow their wealth can now do so, thanks to AMFEIX. com. The scalable blockchain investment fund allows investors to deposit as low as 0.
The city of Austin, Texas, received a grant from the Robert Wood Johnson Foundation in order to explore the benefits of a blockchain identity platform for homelessness. This according to a press release published August 2, 2019 on Govtech.
Gold bug Peter Schiff will be “kicking himself forever” if he turns out to be even 1% wrong about Bitcoin. That was the conclusion from Anthony ‘Pomp’ Pompliano, co-founder of Morgan Creek Digital and a serial Bitcoin proponent, during the cryptocurrency world’s latest public showdown on July 31.
Today Bitcoin Cash (BCH) fans from all around the world will be celebrating the 2-year anniversary of the BCH network. The day is a great occasion to commemorate the dedicated BCH software engineers and the passionate community, alongside the number of achievements accomplished since August 1, 2017.
On July 23, the CEO of Btc. top, Jiang Zhuoer, debated Nchain’s chief scientist Craig Wright in regard to the civil war between BCH and BSV that took place in November. Amid the debate hosted by Bitkan, Zhuoer highlighted the top three advantages tied to the Bitcoin Cash ecosystem.
According to a recently published research report done by Binance – one of the largest crypto exchanges globally – all multi-asset portfolios that comprised of Bitcoin, exhibited much better profiles regarding risk-return, than any other multi-asset class portfolios.
New research by the world’s top crypto exchange, Binance, indicates that portfolios that include Bitcoin exhibited overall better risk-return profiles than traditional multi-asset class portfolios.
Bank of Thailand (BOT) Governor, Veerathai Santiprabhob, has given his take on Facebook’s Project Libra, making it clear that the merits and risks of the digital asset still need to be studied extensively, reports local news source, Bangkok Post on July 19, 2019.
Сразу 11 штатов США готовят законопроекты о создании стратегических резервов Биткоина Эта идея появилась на волне успеха Сальвадора, который с 2022 года покупает 1 BTC в день. Эксперты считают, что такой шаг станет финансовым мостом между системами SWIFT и BRICS.
Swift, the global bank messaging network, announced on Nov. 5 that it has concluded a pilot program to streamline tokenized fund settlement and redemption using fiat currency on its network in collaboration with UBS Asset Management and Chainlink.
In collaboration with UBS Asset Management and Chainlink, Swift has concluded a pilot program aimed at simplifying tokenized fund transactions using its existing financial network. This initiative, launched under Singapore’s Project Guardian, explored how blockchain technology could integrate digital assets…
The Bank for International Settlements and central banks from Australia, South Korea, Malaysia, and Singapore have introduced Project Mandala, a system that embeds regulatory compliance directly into cross-border financial transactions.
На полях саммита БРИКС, проходящего в Казани, министр финансов России Антон Силуанов заявил, что будущая платежная система BRICS Bridge гипотетически способна заменить банковские организации, используя цифровые финансовые активы (ЦФА).
С 2025 года банки Северной Америки, Европы и Азии приступят к тестированию транзакций с цифровыми активами через сеть SWIFT.
Exciting news! Starting next year, financial institutions from around the world will start trialling live digital asset and currency transactions on the Swift network.
Как совместить цифровые активы и традиционные деньги? Именно эту задачу взял на себя SWIFT, запланировав тестирование криптовалютных транзакций в Северной Америке, Европе и Азии в 2025 году. Стоит отметить, что предыдущие эксперименты SWIFT с блокчейном проводились на тестовой среде, но в этот раз речь идет о реальных транзакциях.
