Right now, technology that is based on peer to peer level is placing power in the hands of all individuals as far as bitcoin is concerned. Traditional banking is no longer as viable as it used to be, and this means that investors are left with limited options.
One of the few options available today is bitcoin, and here’s why:
You will never need permission to use the website to retrieve your BTC from the bitcoin wallet.In order to access credit cards or banking services, these financial institutions let you do so at their discretion. Some estimates report that there over a billion people who currently don’t own any bank account. And then there are those who are flat out rejected.
To cut the long story short, opening a bank account or applying for a credit card requires you to fill long and tedious documents, not to mentioning signing contracts that don’t always work in your favor. On the other hand, bitcoin wallets are free to use and access from anywhere in the world.
No limits on how much to spend
It’s important to understand that fiat operate through a system called fractional reserve banking. What this means is that all people can’t access their monies at the same time. It is also for this reason that financial institutions like banks are being forced to limit purchases and withdrawals based on spending limits.
On the other hand, your Bitcoin wallet doesn’t have spending limits, meaning you could spend as much as you want. Consequently, most people will agree that this makes better sense than if someone tells you that you are not allowed to spend a certain portion of your hard-earned cash.
Bitcoin doesn’t keep you waiting
A bank wire can clear for days, and this means waiting. Although domestic transfers have become more efficient, cross-boundary transfers still take days to clear.
On the other hand, Bitcoin transactions are cleared instantly. It can only take an hour for the confirmation to arrive. In fact, the current financial system is fraudulent and screwed up. Even if they solved these things and updated the system, they would still hold to your money in a bid to make quick profits.
Access of your money is round the clock when you own the best bitcoin wallet
When you put your money into a permissioned system as in banks, it means the money can’t be available to you at all times. As a matter of fact, history has recorded several instances of bank runs where clients were not able to withdraw their money.
However, with bitcoin, your private keys are what matters. If you have them, you can access your money anywhere anytime. In fact, bitcoin is considered a global form of payment, and it never stops operating because of limiting business hours.
No levies on Bitcoin wallets
Banks are essentially a third party offering their services to the masses. But this also means that people are at their mercies. For this reason, banks have been known to charge unjust levies on client monies. However, your best bitcoin wallet, no one will ever touch your money provided that you’ve kept your private keys secure from hackers. Every single coin in the bitcoin world is locked in a public ledger. So your private keys determine whether or not you shall withdraw your money.
If you worry about security of your money, then bitcoin has come up with private keys that are based on 24 randomly generated characters which could be memorized and stored without a trace. Isn’t that what you need to keep your money safe from unauthorized persons?
Lower transaction fees
Did you know that bitcoin was the cheapest way to send money across international boarders? If you receive payments online most of the time, your safest bet is to go with Bitcoin since it’s the cheapest option out there.
Whenever you send payments, you’ll pay the minimal mining fee which is 20 cents depending on the current network miners. If you get paid through bitcoin, then cashing out becomes easy when you choose the no-fee option. At the end of the day, you could even make profits due to international currency exchange rates. If you opt to have the money in your account the same day, then you will have to incur an extra fee. However, with arbitrage, that fee cancels out and you will never feel the pinch.
That’s it! Bitcoin takes the lead compared to traditional banking. The only problem is that it is still far from becoming a mainstream form of currency. Only time will tell.