Bitcoin has been the first decentralized cryptocurrency created in 2009. There are many reasons that people are shifting to this cryptocurrency than utilising traditional ones and some of these are listed below.
- Fraud- proof
A public ledger stores all the cryptocurrencies created and all confirmed transactions. The bitcoin owners’ identity is encrypted so that the legitimacy of record keeping is ensured. The currency is decentralized meaning that the owner can completely own it. No government or bank has any control over it.
- Identity theft
Accurate balance of the digital wallets can be calculated due to the credibility of the ledger. The transactions are thoroughly checked so that it can be noted that the accurate spender is spending the coins. Blockchain is another term given to the public ledger. Transaction blockchain technology is used to ensure secured digital transactions with the help of encryption and smart contracts. These smart contacts assist in reducing frauds and making the entity virtually and completely un-hackable. Blockchain technology impacts every segment of each life.
- Instant settlement
Cryptocurrency is easy to use and user-friendly. The reason why it is in high demand can be attributed to the fact that blockchain provides all the value to cryptocurrency. All one needs to access cryptocurrency is a smart device and an internet connection that lets you become your own bank which can make payments and money transfers.
Traditional exchange systems can not be accessed by all two billion people using the internet. However, all of these people can use the cryptocurrency market.
The entire ownership of the bank of bitcoins belongs to you, that is there is no alternate electronic cash system as the account is owned by you. Even though there has been mention of a scam site name Bitcoin Superstar, the concept of bitcoin/ cryptocurrency remains to be one of the most trusted.