Benefits of using Bitcoin

 

Bitcoin has user autonomy

Traditional fiat currencies are subject to multiple restrictions and risks. For example, banks are subject to boom and bust cycles in the economy. Sometimes, these situations can end with banks falling and failing, as has happened many times in the past. This means that users are not really in control of their money. In theory, at least, bitcoin has user autonomy because its price is not tied to specific government policies. This means that users and owners of the cryptocurrency are in control of their money.

Most online transactions require a set of information to identify the person conducting the transaction. For example, money can only be transferred from one person to another after verifying the identification information of the parties in both parties. Similarly, online purchases require you to enter identifying information to make a purchase. The verification process may prevent crime, but it also places the intermediary strictly responsible for the transaction, allowing it to control the provision of services to selected parties. Bitcoin transactions are pseudonyms. While this means that they are not completely anonymous, transactions can only be identified using a blockchain address. An individual can have multiple addresses, just as they can have multiple usernames and passwords for a single account. IP addresses or other identifying information are not required to perform the transaction.

Cryptocurrency Review: A Comprehensive Look at Digital Currencies

The Bitcoin payment system is a purely peer-to-peer system, which means that users can send and receive payments to and from anyone on the network all over the world. Unless they send or receive bitcoin from a regulated exchange or institution, the parties to the transaction do not require approval from an external source or authority.

While it is common practice among cryptocurrency exchanges to charge so-called “maker” and “taken” fees, in addition to the occasional deposit and withdrawal fees, Bitcoin users are not subject to the range of traditional bank fees associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft fees, and no return deposit fees, among many other things.

Standard wire transfers and foreign purchases usually include fees and exchange costs. Since Bitcoin transactions have no intermediary institutions or government involvement, transaction costs are generally lower compared to bank transfers. This can be a huge advantage for travelers. Additionally, bitcoins are transferred quickly, removing the inconvenience of typical authorization requirements and waiting times.

As with many online payment systems, Bitcoin users can pay for their coins anywhere they have internet access. This means that buyers do not have to travel to the bank or store to purchase a product. However, unlike online payments made using US bank accounts or credit cards, personal information is not necessary to complete any transaction.

One of the characteristics of the Bitcoin blockchain is that it is immutable. Therefore, transactions using the blockchain are irreversible and cannot be modified by a third party, such as a government entity or a financial services agency. It is also not possible to submit a refund request for Bitcoin that has been sent to someone else. The only way to reverse Bitcoin transactions, in a speaking fashion, is to have the recipient send the original Bitcoin back.

Bitcoin is not a physical currency. Therefore, thieves can't take it out of the person carrying it. Hackers can steal someone's cryptocurrency if they know the private keys to the wallet. However, with proper security, it is technically impossible to steal bitcoins. Although there have been reports of hacks occurring on cryptocurrency exchanges, the Bitcoin exchange has remained impervious to such breaches. Therefore, transactions between two addresses (or multiple addresses) are secure.

Accessibility

Since users can send and receive bitcoins using only a smartphone or computer, Bitcoin is theoretically available to user groups without access to traditional banking systems, credit cards, and other payment methods.

Although there is no clear competitor to Bitcoin, it is like gold for digital currencies, but despite that, we cannot deny the Ethereum currency, which in turn is considered a diamond in this field, especially the advantages it offers by allowing developers to program in its platform and work on their own projects on the Ethereum blockchain.

 

For more details about the Ethereum project, you can read this guide: What is the Ethereum currency, what is its project, and is it recommended to invest in it?

In fact, no one can tell you whether the currency is halal or forbidden except for those who have religion, but not all sheiks are qualified to rule in that, so the sheik must first have an understanding of the field of digital currencies and how they work, but if you are an investor and you only buy and sell currencies, whether it is a currency Bitcoin or any other digital currency. From our humble point of view, there is no problem. It is like buying potatoes at $ 2 and selling them at $ 2.5, but despite that, it is preferable to ask the owners of knowledge to be certain.