Within the cryptocurrency environment, Bitcoin is the one that has the greatest acceptance in the global market, which is reflected in its price and reputation, in this article we will share some points that will help us understand why Bitcoin currently leads the market of cryptocurrencies and is an important reference in the medium.
A Bitcoin is basically a virtual file, which can be stored in a digital wallet, either on a mobile or on a computer. Users can send and receive Bitcoins (or a part of them) to the digital wallet. Each operation carried out with Bitcoins is registered in a public book called Blockchain, here where the history is recorded, which prevents theft or counterfeiting.
Bitcoin has monetary qualities similar to gold, it also adds others of its own to its nature, such as that it cannot be confiscated, unless they access the owner’s keys, use of anonymity and something very important, electronic transfers can be made, and it is that electronic advantage that brings you some advantages.
It is a divisible coin
At present, up to 8 decimal places can be used, even when there are no limits, so that in the future, more decimal places could be used. The smallest unit of Bitcoin with which it is operated was called “satoshis” that bear this name in honor of the one known as the creator of Bitcoin: Satoshi Nakamoto.
There is no third party in the middle, which can interfere in a transaction, however, there are services that guard the Bitcoin, until the other party confirms the receipt and complies with the agreement, in this way it is guaranteed that once it has been completed the operation, the transaction is correct and therefore there is no need to reverse it.
Anonymity is reserved
Another advantage is anonymity, there is no obligation to reveal the identity, which makes Bitcoin very useful for countries where there are “totalitarian” governments that require details of all the people involved in financial transactions.
Bitcoin has a strong cryptographic backing, which protects it from counterfeiting, and in turn, it can be stored in many locations simultaneously. The technology on which the Bitcoin (blockchain) protocol is based is more secure than that used by traditional banking and its credit cards.
It is global and decentralized
It does not belong to any government, state or bank, so it can be used anywhere in the world, regardless of possible political or geographical barriers. The freedom of its users is respected, and that is why Bitcoin is the best known and most demanded global cryptocurrency.
Once we have acquired a Bitcoin, that cryptocurrency is ours and belongs to us 100% without this action being objected to by an external body or entity, this means that in Bitcoin we function as if we were our own bank (obviously supported by exchange and wallet services).
It is simple to implement and carries the programming language with it, which allows you to create parts of code that are executed in each transaction, generating trust and security for users. In each transaction of the blockchain, a unique and unrepeatable code is generated that allows it to be validated together with others at the beginning and end of each block.
Fast and real-time transactions
Transactions are carried out in real-time and are characterized by being fast, the transaction is completed in about an hour, unlike traditional banking or fiat money transactions, which usually take longer, and can even take up to 24 hours.
Another advantage is the transparency, each and every transaction is registered and recorded in a free access book known as the Blockchain, where a record of each operation that has been carried out from the beginning of Bitcoin to the present day is kept.
Trading with Bitcoin has no problems with the schedule, as it works all the time as long as there is an Internet connection. We then see that the use of Bitcoin has more advantages over other cryptocurrencies, in addition to its high reliability and security.
What do you think about this topic? Can you mention any other advantages of Bitcoin?
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