Cryptocurrency 101: Why Bitcoin Is Better Than Banking
Despite cryptocurrency’s popularity, only a little over 15 percent of Americans have invested in it. This happens because, more often than not, banks create FUD (fear, uncertainty, and doubt), which in turn scare new investors from purchasing Bitcoin or any other cryptocurrency.
But is Bitcoin better than banking? In today’s Cryptocurrency 101 post, we’re going to go through some of the most notable cryptocurrency advantages. So, if you’re still on the fence about investing, be sure to read until the end!
Anyone Can Use It
Perhaps one of the best benefits of Bitcoin is that anyone from anywhere can use it. In sharp contrast, banks require you to fill out long forms and sign contracts that will make you pay commission on all your activities. On top of that, most banks are strict on who can apply to use their banks, which means finding one that accepts you all the more difficult.
But, Bitcoin and other cryptocurrencies are free for everyone to use. You’ll only need to create an account on a trading platform, which just takes a few minutes. If this is enough to convince you, be sure to view more information about crypto trading.
No Spending Limits
Most banks operate through FRB (fractional reserve banking), which means that even if you have money in your account, you don’t have access to all of it. That’s why banks impose limited purchases and withdrawals, preventing people from emptying their accounts and leaving the bank penniless. In sharp contrast, any Bitcoin you purchase is yours to use, without any limits.
Additionally, you can withdraw your hard-earned Bitcoin without waiting for approval. In other words, you have complete freedom over how much you want to withdraw or spend.
Instant and Free Transfers
Unfortunately, most transfers, especially international ones, take days to complete. And if you want to make an urgent transfer, most banks charge a significant transfer fee. Fortunately, all Bitcoin transfers are instant, and you don’t even have to pay for it to happen.
On top of that, there’s no limit on how much Bitcoin you can transfer. But, of course, some countries like the U.S or Germany have certain laws that prevent large amounts of Bitcoin transactions, but you shouldn’t worry if you’re only transferring a couple hundred.
No One Can Touch Your Account
As you already know, governments can seize control of your bank accounts if they want to. But, no one can touch your Bitcoin wallet as long as you keep your private keys safe. Additionally, hackers can’t access your Bitcoin since the wallet isn’t connected to any online service.
Cryptocurrency 101: Bitcoin Is Better
Hopefully, with the help of this cryptocurrency 101 article, you can understand Bitcoin and cryptocurrency better. But, of course, you should take time to research and see if cryptocurrency is right for you, so don’t jump the gun without proper investigation. So, don’t wait anymore, and start researching cryptocurrency today!
Would you like to read more posts that cover the topic of cryptocurrency? If so, we invite you to look at our other article before you leave!