Blockchain technology has been revolutionary, and its prodigal son Bitcoin amassed incredible popularity following its invention back in 2009. It is a decentralized network that is maintained through a peer-to-peer transaction process.
Each Blockchainis protected by cryptocurrency idea to ensure its safety and add a layer of security. Blockchain technology doesn’t belong to anyone’s particular network of people, nor is it a property of any government or any type of organization. There is no bank or financial institution involved in this network.
The decentralized currency ensures a safety net, which means that even if a particular part of the network in a computer crashes or fails, its impact wouldn’t be felt on the currency itself as it is distributed over thousands of computers and users. This technology makes every transaction transparent as all transaction records are stored in a public ledger.
Advantages of Bitcoin decentralization:
- Decentralization makes the system more secure from hackers or other users with malicious intent as they could never hope to control the entire system. This added safety measure ensures the smooth functioning of Blockchain technology without any outside interference.
- Bitcoin’s unique decentralization features any user to make transactions from anywhere in the world, from the remotest of locations to big urban cities. Anyone with a mobile device or a laptop with an internet connection can use Bitcoin and make a transaction. You can even use your bitcoin for buying goods and services.
- There is no central authority present. Decentralization ensures that no one can strictly control or regulate the financial transactions happening in the network.
- Fiat and conventional currencies are monitored and controlled by agencies and organizations, whereas Bitcoin promotes an open and positive culture of financial freedom.
Advantages of Bitcoin’s Blockchain trading network:
- Privacy: for someone to make a transaction in the network, the user needs only a Bitcoin wallet that doesn’t contain any of your details, unlike conventional transaction methods such as debit or credit cards. Furthermore, each transaction on the network is made anonymously, your wallet address being the only requirement.
- Low transaction fees: Bitcoin only has a nominal transaction fee associated with it; you can make transactions up to any value and still enjoy the low transaction fee, unlike the case with the banking system. You need to pay a small transaction fee is for processing your transaction.
- Fast transactions: with fiat currencies, significant transactions can take days, if not weeks, to process, but with Bitcoin, transactions of any value are done with lightning-fast speed. Moreover, there are no working hours for you to make a transaction. You can enjoy the same speed whether it’s midnight or noon.
- Bitcoin value: another big reason why people like to trade in Bitcoin is its sheer value. Its price is determined by the free market, and it could stay at a single point for considerable periods, unlike fiat currencies.
- Security: as the Blockchainis cryptographically secured, one can rest assured that the system can never be exploited or hacked by any individual or organization. Fiat currencies face a lot of cyber-attacks in the modern world because of which their value might depreciate. This will never happen with Bitcoin.
- Decentralization: as Bitcoin is of decentralized nature, all transactions are free of interference from governments or financial institutions. No one can control or own this network. All your transactions made with bitcoin are stored in a public ledger. Moreover, you can use Bitcoin ATMs for your transactions.
This unique Blockchain technology is made for the people by the people. Its decentralized nature makes it safe and secure. Such a financial platform that can be used from anywhere across the planet is an asset for all its users.
You can choose the app to buy or trade Bitcoins in a smooth and secured fashion. As the full potential of Blockchain technology is not yet revealed, it is prophesied to replace old financial transaction methods and lay the foundation for the currencies of the future. So, you can avoid the rumors and invest your funds in Bitcoin and other digital assets. Make sure, you must do your research and treat it as a long term investment to reduce your risk of loss.