Bitcoins are one of the many indicators that we are living in the future. The fact that we have advanced to the level of having a digital currency that is a hundred percent virtual, and not controlled by any central bank, shows the level of advancement our global community has to take. In this blog post, we look at some of the advantages the digital currency introduced.
Benefits Of Bitcoins
You can create your money
We all know that no government is the world allows the printing of money to use in reality, in fact, it is a criminal offense with a heavy sentence. This is all for a very sound reason that is self-explanatory. On the other hand, with bitcoins, you can create some for yourself. In fact, it is recommended to do so. If you have enough computing power, you can create your bitcoins through a process called bitcoin mining. By just installing the right software and living it running on your computer, you can mine yourself some digital currency; that is after accounting for the cost of electricity. Computers with less computing power will certainly make losses as they will use more power to produce little bitcoins.
With bitcoins, your wealth can be as private as you want them to be. There will be no records showing how much you have like in banks. You only know the bitcoins you have. With one of the best encryption system in the world, it made it a tall order to try and decrypt it without the appropriate key. It would take the fastest computer over 100 years to decode the information, and that is the best case scenario. Hence the fact that in you don’t reveal your bitcoin information, be certain that no one will ever find it.
Making payments using bitcoins is very cheap and in some cases, free. Compared to other traditional modes of payment, for instance, use of credit cards, the digital currency wins hand down. In the case of using a credit card, the merchant who is accepting the payment has to give a percentage of the money received, usually 1%, a transaction processing fee. If you host your bitcoins, you do not need to pay a dime to send and receive bitcoins.
These are the top three advantages of bitcoins, the ultimate digital currency. Other digital currencies do exist, a good example being the lite coin. They all use the same principle. Now that most of the world accepts bitcoin go ahead and get yourself some and join the digital revolution.