Fiat currency is considered as the prime mode of the transactions for hundreds and thousands of years. Government of the country could control the fiat currency. People can exchange the fiat currency in any country, and the state bank of every country could control the fiat currency. Stock market trading and people’s trust actually decide the value of the fiat currency, but things are different in the Bitcoin
Bitcoin has no owner and no one is controlling the bitcoin. There is no authority who could control bitcoin. The transactions made with bitcoin are secure and flexible. All transactions based on the blockchain system. Blockchain makes the bitcoin transactions end to end encrypted and untraceable.
In this blog I will tell you how bitcoin is far better than fiat currency. In reference I will show you 5 major advantages.
5 Advantages of Bitcoin Against Fiat Currency
There are many advantages of bitcoin that can describe the betterment of bitcoin over fiat currency, but here I have mentioned 5 advantages with details. Let’s take a look.
No Transaction Limit Value
The best thing I really love in bitcoin transactions is, you can make the payment of any value. For example you can make the payment of 0.00000001 part of the bitcoin, and this value is called one Santoshi. With the bitcoin you can make the smallest transaction easily anytime and instantly. But in the fiat currency It is not possible. Every bank has its own transferring value, but it is not like that in bitcoin. So this is how it is better.
Low Transfer Fee and Low Storage
You required no storage for keeping the bitcoin. You just have the digital wallet and keep your bitcoin in that. It is also better than fiat currency in the mean of transaction. There are heavy fees applied on the transactions of fiat currency, but on bitcoin currency very low fees are required, even some wallets are not charging that fee.
No Government Interference
Bitcoin Mastery has no owner or creator, so it cannot be controlled by any government or authority. No government can control bitcoin or apply any laws or regulations on it. Anyone can purchase or sell the bitcoin to anyone. There is no banning of bitcoin. Government or authorities can apply the restrictions but can’t ban it in any country. If we compare this to fiat currency, the state bank of the currency has rights to take actions on the transactions, sell or purchase of the currency. State banks can check your transaction history, but this is not like that in bitcoin. No restriction or barrier in the bitcoin crypto currency.
Global Currency
You can’t use the fiat currency of one country in another country. You have to exchange it from the exchanging agency and on it you have to pay a tax fee. But bitcoin can be applicable all over the world. Whatever you are in the world you can use bitcoin for trading or transactions. There will be no country borders implemented on this currency. This is why bitcoin is also called a global currency.
Bitcoin is Legit Currency
No one can spoil the reputation of the bitcoin currency. This is the digital currency, not like bank notes or coins. Blockchain is managing bitcoin, and blockchain is the strong technology to make it secure and encrypted. No one in the world can hack or spoil this crypto currency, and this is the beauty of it.
Blockchain is the digital ledger because it maintains the records of the transactions done with bitcoin. Blockchain is really strict on the privacy and security of the information. So it will never hack or leak. No one can check the transaction history of anyone.
Conclusion
If you have read the advantages of bitcoin over fiat currency then you should agree with my words; bitcoin is far better than fiat currency. This is true bitcoin also has some drawbacks but in coming days, months or years crypto will totally replace the fiat currency. All transactions will be done with the crypto currency. Facebook is also going to launch the crypto payment method so how people can easily make the payments for ads, or other purposes. Bitcoin is more flexible than fiat currency, and you can’t neglect it. Bitcoin offers full security and privacy on trading and transactions.
