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One of the most frequent questions from those who know about cryptocurrency, are questions like "Why do we need Bitcoin?", "What are the advantages of Bitcoin?", "What can give me Bitcoin?". As a descent it is difficult to identify the most important in each case, the advantages of cryptocurrencies, we have made a list of 20 benefits:
1. Zero or low fee
The Commission practically do not depend on the transferred amount or the location of the sending and receiving side. It often happens that the transaction is free. The Commission is required only in the formation of technically significant transaction that stresses the network, or very small amounts to avoid network attacks by spamming a huge number of pointless transactions.
No subscription fees, limits and other restrictions.
2. 24/7/365
Think about your business, and not about when the Bank weekend or lunch time. If you wanted to send money to 3am Sunday - so he will be sent at 3 a.m. on Sunday.
3. Instant transfers
Banks transfers between accounts usually takes 3-5 working days, maybe more if it's a foreign translation. Crypto transactions are instant. However, when working with large sums, it is recommended to wait for a few confirmations of the network transaction, it usually takes less than an hour.
4. Safety, reliability, security
Crypto for key storage access means of validated cryptography with the separation of public and private keys. The same algorithms used by banks and other financial institutions to protect their data. And the total computing power of the Bitcoin network, which is used to protect the history of the transactions in 2012 exceeded computing power than any supercomputer in the world.
5. Technological advantage
Excellent divisibility, simple shipment and verification of authenticity of virtual coins while maintaining the many advantages of cash.
6. New opportunities
Smart contracts, multipages and other achievements of progress for the convenience of business and users. You can create a transaction with the guarantor, when, for example, requires two of three signatures to complete the transaction. Smart contracts allow you to set more complex conditions for operations.
7. The ability to send microtransactions
For example, thousandths of a dollar. This, in particular, new opportunities to monetize content and other business opportunities.
8. Easy start
No complicated registration, age and any restrictions. To get started you do not need anything except Internet access. You are downloading the Bitcoin client on your computer or smartphone, it generates the address of your purse. From this moment you can receive and send cryptocurrency.
9. Easy sending and receiving of donations
To receive donations, enough to publish your Bitcoin address. In this case the sender of donations can send their address, which ensures that no abuse of authority. As, for example, was Bank transfers to earthquake victims in Nepal who were forcibly sent to the personal account of the Prime Minister. You can also make donations to such projects as WikiLeaks, not revealing your identity and without fear of persecution by the state.
10. A supranational system
Cryptocurrency is the same supranational technology as the Internet. Around the world in recent years only increases the amount of points working with cryptocurrency. Even a big business like Microsoft or Dell already accepts Bitcoin for its products.
With further propagation, you will not need to think about converting between the local currency to lose on the commissions and recalculate the cost of the goods in the usual currency, in order to understand how much it costs. Rubles, lire, kroner, shekels, rupees... Bitcoin!
11. Open technology
Source code of Bitcoin is open and available to anyone who wishes to study to make sure that the program only performs the claimed function and nothing more. The software is distributed under free MIT license. The system is much less dependent on the human factor, the credibility of the Issuer or the controlling bodies replaced with algorithms, mathematics, and cryptography.
Decentralization and open development will ensure that one day Bitcoin will not close, will not take control or do other malicious actions.
12. Market pricing
The value of cryptocurrency is not dictated by authorities. You are not forced to accept the cryptocurrency forced and only there to make certain payments, as is happening with public money. The value of cryptocurrency is determined only by the ratio of supply and demand in the market. A free market economy.
13. The ability to bypass any sanctions
Despite the high volatility due to the free market, fluctuations in the cryptocurrency can be much less than the fall of the national currencies at the onset of political instability in the state, or even the Declaration of default. No dependency on Central banks, local and not only the laws, religion, politicians and other attempts to intervene and restrict your operations. Including through sanctions.
14. The coverage of financial services
A variety of current payment systems did not provide complete territorial coverage and significant reduction of costs of remittances. This is especially true of international transfers and of small amounts. For example, the transfer fee of 100 rubles can be 250 rubles. And in some countries of Africa are more common payments using mobile phones and prepaid services than banking services.
To use cryptocurrencies do not have to deploy expensive infrastructure. In the simplest case, it is sufficient to install easy wallet on your smartphone and you can already receive and send payments. This is a sufficient condition for the coverage of those social strata who do not use at the moment banking services.
There is no division on international and local payments, the transaction value does not. You can draw an analogy with long distance telephone and Internet messengers such as Skype. They allow you to make calls over the Internet is much cheaper, allows video communication, conferences and has a number of advantages. Similarly, the e-mails at the time replaced the traditional paper mail. Similarly, the cryptocurrency now beginning to replace some traditional, but legacy payment instruments.
15. Getting rid of intermediaries such as correspondent banks
That reduces the time per transaction, transaction cost, and reduces the risk of errors. Decentralization, P2P interaction.
16. Complete control over their funds
Most often to manage your property without your consent is punishable by law. But as soon as you have sold your property, that is, traded it for the money, come into play the new rules. Your money can manage. In particular, it is legitimate. You can block your Bank account, you can revoke the transaction. Without any notice to invest your money, or give it to someone else at interest. Information about the money in the account - no more than record that the Bank they owe you, control you anymore.
Such manipulations harder to spend cash, but not even touching them in your pocket, banks can reduce their purchasing power by issuing new money. In fact is eroding your share of ownership. For example, 3 month ago you could for a certain amount to buy a laptop, and today only a calculator. All have become accustomed to and not pay attention to it, the term "inflation" is known even far from the economy to the people. Although, if someone will take your laptop, and instead leave calculator – this will cause a minimum of disturbance.
In the same way, directing the issue of certain groups of people or organizations that can redistribute wealth, even without getting into the specific pocket to the citizens.
With Bitcoin such manipulations are not possible, due to the limited emissions and the lack of control of other people's money. Transactions cannot be revoked, your account cannot be frozen.
17. Privacy
The lack of financial censorship. You can't prohibit someone to transfer funds to or from someone to get them. Only you are the master of your money. And even to a greater extent than with cash. Also nobody can limit the number of wallets and addresses, you can have as many as you need. Though at a new address for each transaction.
18. Elimination of opacity
Now when checking balances on Bank accounts can often find small discrepancies down to the client side. When contacting support often turns out that it was some technical overdraft withdrawals. Even if the overdraft, the client is currently disconnected. Often for international transfers, banks or the payment system will automatically convert the money in their own way, not the most profitable rate. Sometimes even undergo double conversion when the funds are converted to your local currency, and then again in the currency in which it was nominated translation.
Crypto does not. The Commission, if any is needed, is specified to complete a transaction, you advance know and accurately understand how to get the host side.
19. Control where necessary
If desired, you can assign certain addresses to specific people or organisations to monitor financial transactions. For example, it can be done with state agencies for the control of target expenditure of means.
20. The possibilities of the blockchain
Cryptocurrency technologies can be combined with other, extracting additional advantages. For example, the blockchain can be used for decentralizovanno management rights registration of transactions of creation of alternative independent accounting systems. You can significantly reduce the cost of notarial services, to simplify, automate or even eliminate some outdated organizations such as passport offices. Some banks are now experimenting with replacing SWIFT on the blockchain. Developed decentralized services for information storage, secure communications and other services. In particular, it is also new business opportunities.
In conclusion
I want to add that the Genie from the bottle is released, his back is not at all desire to push. The cost of creating a new cryptocurrency or modify an already-existing incomparably lower to combat it. Don't underestimate the capacity of States, they have, of course, if you want enough strength to destroy the same Bitcoin in its current form. However, it is very simple to change the code, complicating the task of the attacker, and restart the network. However, even you can use the old Blockchain to a timestamp before the attack, that is, all the balance of the user will remain the same. It does not require significant time or financial costs, in contrast to attacks on the network. So, sooner or later, but these technologies will take its place in our daily life. Welcome to the future!