Those not familiar with Bitcoin may say, it’s just a fad that’s going to be forgotten by everyone in the near future. They say the traditional currency is here to stay and Bitcoin won’t ever replace it. In this article, you will know four of the biggest reasons why cryptocurrencies and Bitcoin, in particular, are here to stay and why they’re not going to vanish anytime soon.
- Very minimal transaction fees.
More people are finding out every day the benefits of paying for and receiving Bitcoin payments. There are no expensive transaction fees. Unlike when you pay with a credit card your bank and your government, all want a piece of your money, which is why you pay all those exorbitant fees when you pay with normal currency. But with Bitcoin, you bypass all that. Therefore it’s a win-win situation for both sender and receiver. Experts see this as a major reason why bitcoins are here to stay.
The project aims to build a trading platform and is supported, among others by billionaire VC fund Tim Draper.
- Instant transfer of bitcoins.
Unlike regular bank transfers, Bitcoin transactions are finalized in a matter of minutes. For businesses, this is great news because they no longer have to wait days for a check to clear or credit card payments to post. If you’ve ever tried waiting for a check to clear then you know what I mean. You’re literally holding your breath until the payment clears. With Bitcoin, you only have to hold your breath for several minutes. Usually, transactions are verified and finalized within 10 to 30 minutes or thereabouts.
- Greater security.
There is no danger of having your identity stolen when paying with bitcoins. All transactions on the network are anonymous. All anyone sees are just the ID codes which don’t make sense to a human reader. This means you can send and receive payments to anyone without fear of having your identity exposed and stolen by identity thieves.
So it’s not controlled by one entity. Banks and governments control the amount of paper money in circulation and can print money when they see fit. But with Bitcoin, the number of total bitcoins that can ever be produced is limited to 21 million. Many so-called experts seem to agree that this limit will ensure that Bitcoin users don’t ever need to be concerned about inflation.