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The Washington Independent

Best Digital Asset: 7 Benefits Of Using Bitcoin

Best Digital Asset: 7 Benefits Of Using Bitcoin

Since the development of the cryptocurrency market, Bitcoin has shown constant growth, which has led to the number of individuals and firms to invest in it. In fact, Bitcoin is the first cryptocurrency to arise, and it influenced and led to the birth of several other cryptocurrencies that are widely used nowadays.

Katharine Tate
Crypto
Last updated: Dec 07, 2021 | Dec 03, 2021

Table of Contents

Since the development of the cryptocurrency market, Bitcoin has shown constant growth, which has led to the number of individuals and firms to invest in it. In fact, Bitcoin is the first cryptocurrency to arise, and it influenced and led to the birth of several other cryptocurrencies that are widely used nowadays.

Even though the cryptocurrency market is fluctuating, and Bitcoin saw a rise and fall in its value for the past years, Bitcoin still attracted crypto enthusiasts with its skyrocketing prices. Even though cryptocurrency's day-to-day fluctuation makes it difficult to calculate the market capitalisation, last May 2021, Bitcoin’s market capitalization reached $1 trillion.

Bitcoin also has several drawbacks which could possibly cause investors and consumers to pause. That’s why it’s important to do your research about the benefits and disadvantages of any crypto trading platform before you quickly choose one and start your crypto trading career journey. Most users rely on platforms with 24/7 support by experts and user-friendly interface for all kinds of traders - beginners and pros. Some of the most significant platforms are: Binance, Coinbase, Bitcoin Evolution, Kucoin.

Benefits of Utilising Bitcoin

As the first cryptocurrency, Bitcoin contains several benefits compared to other cryptocurrencies and traditional currencies in general. Check out some of the benefits you can enjoy if you decide to own and utilise Bitcoin as your first digital asset:

Greater Liquidity

Business owners worldwide take the risk of experiencing frozen assets, and bank accounts that rely on a country’s corresponding political situation is a natural and common situation. However, compared to the decentralised structure of cryptocurrencies, this process is not practical. The digital money in the cryptocurrency market is stored in secure and many places across the world and can be recovered at any time a user wants to access their accounts.

When exchanging cryptocurrencies for traditional currencies such as Dollars or Euros, users can save the majority of the intrinsic value of the cryptocurrency. For instance, after creating and finishing the setup of your Bitcoin account, you will earn a $5 bonus that can reach up to an additional $25 if you have knowledge about other cryptocurrency choices.

Well-known Payment Method

Thanks to stable and huge firms such as Tesla, purchasing any tangible objects through cryptocurrencies such as Bitcoin is now possible. Since Bitcoin is becoming popular among the public - both crypto enthusiasts and regular consumers - it’s likely to be an important factor that can help you reduce exposure and utilise traditional currency.

Can be used to transact internationally

One major problem of traditional trading options like real estate is the complicated and impossible successful process due to local and international restrictions. This means that you would encounter complicated processes when you want to purchase or sell real estate in another country. This complicated process is due to the government’s control over these things.

However, trading in cryptocurrency is the best thing to do for these times. Since there are no geographical restrictions and the increasing number of countries that use cryptocurrency, you can trade cryptocurrencies very quickly, no matter where you are in the world. Purchasing or selling cryptocurrency across your country’s geographical boundaries is possible, and the process can be done quickly and smoothly.

Bitcoin transactions across international borders are no different than trading Bitcoins within a country or region. In some situations, international credit card and ATM costs may be higher by 3 percent of the transaction value, and money transfers may be as high as 15 percent of the transaction value.

Lower Transaction Charges

Compared to other digital payment methods such as Paypal and credit cards, transactions in Bitcoin have lower charges. If you choose to utilise Bitcoin, the responsibility to determine the advantages of the world’s most popular cryptocurrency certainly exceeds its disadvantages. In Bitcoin, there’s no “correct” or “wrong” approach, but it’s recommended to be the most appropriate to use for your investment goals and risk tolerance.

Privacy and High-Security

Cryptocurrencies became the primary option for conducting business transactions due to the high-level security. Because of the security and the vast options due to the emergence of several other cryptocurrencies, it attracted businesses and crypto enthusiasts, making them eager to engage in the crypto world.

The built-in privacy and security features of Bitcoin allows users to save their Bitcoin accounts and keep them separated from their public identities if they want. Even though Bitcoin transactions can be traced, it’s difficult to determine who is behind those accounts in the real world.

No Government Agents

The difference between cryptocurrencies and traditional currency is the third party involved. While your credit or debit cards can be controlled by the government, Bitcoin is not managed by a government body and does not allow any political interference, which makes it difficult to freeze or put an account on hold because they exist outside of any political system. The blockchain tracks and stores data of every transaction on the inventory. For instance, a new company issues shares - the owner of each share, the price paid, and the transaction is documented in the blockchain. When the company plans to sell, all they have to do is enter the information on the database and negotiate a price with potential buyers. When a buyer sends the payment, the exact contract mechanism stores the shares in the buyer’s name. This process is called a peer-to-peer process, where there is no middleman or broker to alter the transaction.

Trade 24/7

Another major difference between cryptocurrencies and traditional currencies is the specific time where you can perform transactions. In fiat currencies such as stocks and real estate, you are only allowed to make transactions within the given time, which means you need to settle every transaction before the time ends.

Meanwhile, cryptocurrency trading is available 24/7 - not to mention you can complete transactions in just a few seconds and with just a few clicks. You don’t have to worry about the values changing during midnight as you have the power to buy, trade, or sell cryptocurrencies anytime you prefer.

As the world’s most popular and frequently used cryptocurrency, Bitcoin possesses a long list of benefits compared to other coins and traditional “fiat” currencies. If you’re looking for the best crypto trading platform and are serious when it comes to security and platform for beginners, Bitcoin might be the best option for you. However, make sure to do your research and don’t engage right away and invest all your money for the sake of earning profit like some people did, as it is not the same for everyone!

Katharine Tate | I’m a native of Massachusetts, where I earned bachelor's degrees in Health: Science, Society, and Policy and Sculpture from Brandeis University. I enjoy assisting and inspiring women in all aspects of their lives, and I consider myself a partner in their OB an GYN treatment. I particularly enjoy forming relationships with young women and assisting them in determining their healthcare needs and goals. I love to travel, create metal and fiber art, cook, and spend time outside. Also, I’m fluent in both German and American Sign Language.

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