Since its development in 2009, Bitcoin has shown constant growth, which has led millions of individuals and firms to invest in it. Being the first cryptocurrency to arise, Bitcoin has inspired and influenced the birth of many other cryptocurrencies widely used and enjoyed by people today.
Despite the fluctuating nature of the cryptocurrency market, which led to Bitcoin’s up and down values in the past years, Bitcoin still caught the attention of crypto enthusiasts with its skyrocketing prices.
Bitcoin also has several risks which could cause investors and consumers to rethink their decisions. That’s why it’s important not to jump in immediately and research the benefits and disadvantages of any crypto trading platform before you quickly choose one and start your crypto trading career journey.
Most users invest in platforms with high-end security, 24/7 customer support by experts, and a user-friendly interface for all kinds of traders – beginners and pros. Some of the most popular platforms are Binance, Coinbase, and Kucoin, whereas some other platforms only connect traders to reputable brokers, such as https://immediate-edge.io. Choosing a trading platform is crucial. So as a newbie trader, exerting a lot of effort in researching your target exchange is a must.
Benefits of Bitcoin
As the first cryptocurrency, Bitcoin offers significant benefits to users compared to other cryptocurrencies and traditional currencies in general. To give you an idea, here are some of the benefits you can enjoy if you prefer to own and use Bitcoin as your first digital asset:
1. Financial Liquidity
Using traditional payments means business owners risk experiencing frozen bank accounts and assets due to multiple factors, which is not a practical process. With cryptocurrency’s decentralised nature, digital money is stored in a safe and secure place that can be recovered anytime a user wants to access their account.
Users can keep most of the crypto’s intrinsic value when trading cryptocurrencies using traditional currencies like Pesos, Dollars or Euros. 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 know other cryptocurrency choices.
2. Popular payment option
With huge companies involved in cryptocurrency, buying goods or paying for services through crypto payment is made possible and more accepted by businesses globally. The popularity of Bitcoin and how the different sectors have incorporated this decentralised system allows small businesses to expand their company exposure. It offers an array of choices for its consumers.
3. International Transactions
Local and international restrictions are one major problem of traditional trading options like real estate. Purchasing goods from a company located on the other side of the world is very complicated when it comes to the payment stage due to the different currencies used.
On the other hand, trading in cryptocurrency is the best thing to do for these times. Since there is no limit on when and where you can trade, the number of countries that accept cryptos has increased.
Unlike traditional currency, Bitcoin transactions are similar whether you complete a deal with a company in the same country or internationally. In some situations, international credit card and ATM costs may be higher by 3 per cent of the transaction value, and money transfers may be as high as 15 per cent.
4. Lower Transaction Fees
Since the crypto field is unregulated, transactions in Bitcoin show lower fees compared to other digital payment options like credit cards and digital transactions such as Paypal. If you choose to make a transaction with Bitcoin, you’ll notice that it comes with risks, too, but the good thing is its advantages exceeds its disadvantages.
5. Privacy and High-Security
Cryptocurrencies are now one of the main methods for completing business transactions because of the extreme security measures they offer, which led to millions of businesses and crypto enthusiasts gaining interest in participating in this crypto-verse.
Bitcoin’s built-in privacy and security features allow users to separate their public identity and Bitcoin accounts or just go as one. While Bitcoin transactions are not entirely untraceable, the chance of determining who is behind these accounts in the real world is very low.
The main difference between cryptocurrencies and traditional currency is the third party involved. Traditional currencies that involve credit and debit cards are associated with the government, giving them access to your personal information. In contrast, cryptocurrency is not associated with third-party agents, giving you sole control of your important information and making it impossible to freeze your account or put it on hold.
The blockchain is responsible for tracking and storing data of every transaction on the inventory. For example, a new company cites a share that includes the owner of each share, and the transaction and the price paid are stored in the blockchain. When the day comes that the company chooses to sell, all they have to do is input the information into the database and perform negotiations with their potential buyers.
When a buyer sends the payment, the exact contract mechanism stores the shares in the buyer’s name. This process is referred to as a peer-to-peer process, which means there is no broker or third-party involved that could alter the transaction process.
7. 24/7 Customer Support
The main difference between traditional currency and cryptocurrencies relies on the available time when users are allowed to perform transactions. In traditional currencies such as real estate and stocks, users are only allowed to make transactions within the opening hours of an establishment, which means you need to settle every transaction before the time ends.
On the other hand, cryptocurrency trading is available 24/7, and the transactions done here are proven to be faster. You don’t have to manage your time to perform all the things that you need to do during their banking hours because you have the option to do it anytime you want.
Being the world’s most popular and most used cryptocurrency, Bitcoin offers various benefits to users compared to traditional transactions. If you are looking for a crypto exchange that offers maximum security but user-friendly features, Bitcoin might be the ideal choice.