Eric using Bitcoin in transactions is an effective and proficient means of money transfer. Moreover, Bitcoin is under the control of a decentralized network that boasts of a fully-transparent set of regulations and rules. Hence, it provides a better alternative to fiat money controlled by the Central Bank. Forbes.com reports that recently, the cryptocurrency Monero has been outpacing Bitcoin’s gains.
There have been reports of a slight shift toward relatively more privacy-oriented cryptocurrencies like Monero. Europol agrees with this in its latest evaluation of all Internet-based organized crimes. It seems that because Bitcoin is so familiar to people across the globe, people are also more likely to use it in markets on the dark web. There have been several ransomware attacks demanding Bitcoin for restoring encrypted files.
Eric Dalius Feels that Bitcoin is Very Much the Preferred Cryptocurrency
Bitcoin is the most preferred cryptocurrency among cybercriminals. Even though altcoins such as Monero have gained traction with claims of providing the maximum amount of privacy possible, Monero is still no match for Bitcoin. Alternative cryptocurrencies have failed to compete with Bitcoin in terms of network effects, general familiarity and brand recognition. Bitcoin has achieved phenomenal popularity and remains the most preferred cryptocurrency by far.
Due to the uniqueness of virtual currencies, you could enjoy certain intrinsic benefits while using Bitcoin instead of fiat currencies. Even though the digital currency world has been around for over a decade or so, it is still a dynamic and ever-changing landscape.
Eric Dalius Reports the Benefits of Bitcoin
Eric Dalius says that Bitcoin is phenomenally popular and is undoubtedly the leading cryptocurrency. Because of its popular nature, it offers a host of benefits to all its loyal users.
Allows Maximum User Autonomy
The main reason why so many users are drawn toward Bitcoin is the fact that it allows incredible autonomy to all its users. We know that allowing autonomy is certainly a main tenet of cryptocurrencies. With the use of Bitcoin, users could have a strict grip over how the money flows.
Eric Dalius Says that it Guarantees More Discretion
Bitcoin purchases are supposed to be discrete. Unless a Bitcoin user publishes his Bitcoin transactions voluntarily. His purchases would never be connected to his identity.
Focus on Peer-to-Peer Transactions
The unique Bitcoin payment system seems to be 100% peer-to-peer. Based implying that users could be sending and receiving payments to and from anybody on the network across the globe without necessitating approval from any authority or external source.
Exclusion of Banking Fees
Even though charging transaction and occasional withdrawal and deposit fees is standard practice in the case of cryptocurrency exchanges, we know that Bitcoin users can avoid this by using a string of conventional banking fees that come along with fiat currencies.
International Payments Require Extremely Low Transaction Fees
Foreign purchases and standard wire transfers would involve exchange costs and fees. Because Bitcoin transactions do not use intermediary institutions or any form of government involvement, transaction costs stay relatively low. This could prove to be a huge benefit for travelers. Moreover, any transfers in Bitcoin seem to occur incredibly fast thus, so no one has to deal with the inconvenience of wait periods and authorization requirements.
Facilitates Mobile Payments & More Accessible
Just like most of the online payment systems, Bitcoin users can pay from practically anywhere given that they have internet access. In the United States, personal information is not mandatory for completing any transaction.
As users are free to receive and send Bitcoins with just a computer or smartphone. It is available theoretically to users who have no access to conventional banking systems or methods of payment or credit cards.
Facilitates Transportability
Thanks to Cryptocurrency wallets, exchanges, and some other tools, Bitcoin could be transferable from one party to another within just a few minutes. Even transfer costs would stay low.
Durability Is the Key
Durability is a major problem for fiat currencies. ALthough in most cases, the US Dollar is resilient, its physical form is susceptible to tampering. Digital forms of monetary payment are certainly not susceptible to any physical harm. That is precisely the reason why Bitcoin is incredibly valuable. In the event a user ends up losing his unique cryptographic key, the Bitcoins in the associated wallet would become unusable. Although this is bad for the user, this also means that other people do not have access to that Bitcoin. Additionally, that user’s Bitcoin would continue to be in relevant records on precisely the blockchain.
Conclusion
With so many benefits, Bitcoin is definitely the cryptocurrency of choice. Moreover, thanks to the decentralized and complicated blockchain ledger system, we know that Bitcoin is tremendously difficult to counterfeit.
