Cryptocurrency is a world beyond cash. It is a world that is secure with no one controlling the money. It is a world that is safe and fast with no change of corruption and fraud. It is a world that crosses borders and ethnicities. It is a world of global money.
That was the vision of Satoshi Nakamoto and thousands of people before him. Satoshi, Nakamoto, the inventor of Cryptocurrency was not the first one to make an attempt at creating digital cash that would not be controlled and tampered with. Many tried before him and failed. However, Satisohi succeeded. This is how Bitcoin came into existence. Today, Bitcoins have seen striking success. The cryptocurrency industry is still a growing one.
Bitcoins came with great promise. If you were to list the advantages of Bitcoins, they are numerous. The most prominent amongst them being-
Bitcoins are safe to use. There is hardly any chance of fraud because transactions are confirmed on a blockchain that is stored with every peer on the network. Since the transactions are anonymous, they can not be traced or tracked. Your transaction is secure.
Bitcoins function quickly. All it takes is about ten minutes to confirm them. Litecoins are even quicker and take just about 2.5 minutes. So, dealing in Bitcoins allows you to make deals without having to fill out bank forms and card details.
The essence of cryptocurrency is to be independent of a governing body. In that sense, bitcoins cannot be controlled by anyone. Since bitcoins and litecoins are unlocked by mining, nothing but bitcoin mining and litecoin mining can release the currency.
The transactions you make using bitcoins are free of cost. That means you are not charged anything for your transaction. This is a huge advantage where banks charge you more and more for the payments you make or receive.
You can make transactions over different countries and to anywhere in the world using bitcoins. There is no cost involved and the value of your bitcoin does not decrease over the border.
Even though mining bitcoins is becoming difficult, it is here to stay. Also, the development of alt-coins like litecoins and dash will definitely keep the crypto market alive. Litecoin mining is comparatively easier too. So the advantages created by bitcoins by opening a potential digital currency cannot be numbered.