TMCnet Feature
July 20, 2021

Bitcoin - A Blessing In Disguise



A brief introduction to Bitcoin:

Bitcoin is a newly evolved cryptocurrency that allows its users to make and receive payments through these digital units called bitcoins. Unlike fiat currency which is the currency issued by the government and is therefore under the autonomous control of the higher authorities, bitcoins have the advantage of being a part of the decentralized cryptocurrency system. Introduced by the anonymous titled entity, Satoshi Nakamoto in 2009, the bitcoin system has rapidly made its place in the world of business transactions.



People wonder that despite having innumerable methods of payment including the easy cash-making methods, why do we still need bitcoins? The answer is quite simple. Bitcoin has saved us from the extra complicated steps while making transactions. Since this system is decentralized, it does not require you to waste your time and effort getting approval from third-party organizations such as the bank.

Bitcoins, therefore, have no link with the government or the bank, instead, they are mined through a computer via complex algorithms that are then saved as blocks. These blocks are then added up together to form a whole blockchain.

Apart from giving you the advantage of saving you extra approval and paperwork, bitcoin has innumerable other blessings too.

All power with the users

The best advantage when using british bitcoin profit is that the users have most of the power that lies in their own hands. When using fiat currency, people are mostly made to answer to a higher authority about where and how the money is being utilized. In the case of bitcoins, users are no longer answerable to the government or the bank since these organizations have no link with this cryptocurrency. Instead, users have the leverage of spending their money without being answerable to a third party.

User-to-user liberty

The bitcoin cryptocurrency system allows its users to make payments and perform transactions to another user without having to take any form of approval from a third-party body. In other words, you have the liberty to send or receive payments anywhere around the world.

No more banking fees

With fiat currencies, the bank plays a very vital role in handling each transaction being made. With every payment being made under the control of the bank, there are also mandatory banking fees that the users are charged for. This however is not the case with bitcoin users as they are not entitled to make any payments to the bank. Although there is a certain ‘maker’ and ‘taker’ charge on every transaction, it is not as bad as the array of banking fees that fiat currency users are piled up with.

Anonymity

Unlike other payments where all your activities are kept under a strict record and there is whatsoever no privacy regarding the payments, bitcoin transactions are much more discreet. While making cash payments or letting the bank handle your transaction, payments made can easily be traced back to the user. This is where bitcoin is different and the personal identity of the user making the payment is quite difficult to trace and therefore gives its users the space to remain anonymous.

Minimal transaction cost when making international payments

Foreign transactions can be a great hassle and at the same time prove to be quite costly too. Moreover, with all the record-keeping processes and the approval, you need from whichever organization is involved these transactions take a great amount of time and effort. All of this hassle is avoided when you use bitcoin to make your payments. With no government body involved, the cost of making foreign transactions is kept quite low and with fewer approval inconveniences.

Online payment is a bonus

Bitcoin users can use their mobile phones to make online payments. This means that unnecessary visits to the bank can then be avoided. Moreover, personal information when making online payments using bitcoins is not needed unlike online payments made when using an online banking system.

Conclusion

Owing to the countless benefits that we receive from bitcoins, this system is now gaining massive popularity all over the world. Even though getting introduced to the new system can be a little problematic, because of its easy accessibility it is now becoming a common form of payment method for more people. 



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