While blockchain technology is currently being widely applied, the large number of cryptocurrencies that have come out in recent years may create confusing topics and investigations into which goes best. However, visit trustpedia.io stocks guide which offers numerous trading options and helps you start your bitcoin trading journey without any dedicated training.
Bitcoin has gradually been on a meteoric rise in terms of market value since its inception in 2008 and was trading at $65000 as of November 2021. The cryptocurrency holds many desirable characteristics, such as low transaction fees, minimal inflation over time, an easy-to-use API for developers, and microtransactions without any network congestion or wait times.
While bitcoin may be the most-known cryptocurrency, many other currencies have low transaction fees, frequent blocks, and a reliable blockchain. For example, Ethereum ETHUSD is often touted as one of the best cryptocurrencies out there because it was created in 2014 to create another blockchain that could host decentralized apps.
Blockchain technology allows for new ideas in how we interact with each other and ourselves through decentralized software, like how the internet is decentralized on a functional level but centralized on a business management level. Let’s discuss what makes crypto so beneficial for users.
1. Transaction Fees
Like many other cryptocurrencies, the most notable benefit of bitcoin is that it’s much more affordable and cost-effective to send money to another country or even to your friends across town. It can also be a speedy transaction, taking under one minute for $100 worth of BTCUSD to arrive in China. While you may have heard about international wire transfers and other payment services taking days or even weeks, blockchain technology allows for payments to be much faster and much easier than what you’re used to.
The bitcoin blockchain is the most secure form of technology that exists today. Because there are private and public keys, you can generate new addresses for each transaction and never re-use an address twice. In addition, the data is stored on thousands of computers worldwide, not just one or two. And the blockchain has yet to be hacked to this day in a way that has harmed bitcoin users.
Hackers have gained access to bitcoin exchanges and wallets, but they have not been able to alter user balances in any permanent way. Nevertheless, the threat of hacks continues to be very real, so large-scale cryptocurrency investors choose to store their coins offline instead of using hot wallets or exchanges.
3. Massive ROIs
Since its creation in 2009, bitcoin has seen tremendous growth in its user base and is one of the most popular cryptocurrencies. Cryptocurrency is only getting more popular as the world becomes increasingly digital. Blockchain technology has been embraced by both tech and finance industries to increase security, speed up processing times, and reduce costs. This trend has made bitcoin an appealing cryptocurrency choice for investors who want to make a quick
4. ROI With Minimal Effort
Cryptocurrency investment remains a lucrative option for those looking to make money from the crypto market without having to have prior knowledge of the market or any technical knowledge. In addition, holding long-term could be profitable if you have patience and can afford to be patient during this volatile period in crypto markets.
5. Resistance To Remittance Fees
Whether you’re an employer paying a salary to a remote employee abroad or a freelance worker who must pay rent and utilities, bitcoin is one of the best ways to send money internationally. The cost of remittances worldwide is estimated at $450 Billion per year. So saving these $450B is certainly an attractive benefit of BTCUSD.
While we haven’t been keeping close tabs on the cost of bitcoin remittance, we can certainly keep track of the time it takes for a transaction to complete. As stated, bitcoin is faster than almost any other digital payment method, with transactions being confirmed in under ten minutes.
Traditional remittance methods, such as Western Union, can take one day or more for your money to arrive.
7. Easily Accessible
With all these desirable qualities, it’s no wonder that bitcoin has become so popular and has become the most widely used cryptocurrency out there. The ease of use for purchasing or trading bitcoin can be seen in how many platforms have sprung up to simplify the process for users. Some platforms for individuals, businesses, and even governments use bitcoin. This accessibility is so appealing that it has spurred the growth of trading platforms such as Coinbase, Bitstamp, and Kraken.
Bitcoins have been touted as anonymous payment methods because they’re traded on public exchanges and are not technically controlled by any individual or company.