4 Reasons You Should Have Bitcoins With You For All Times

 Have you heard of Bitcoins before? I find that most of  the time when I ask someone about Bitcoin, they’re either skeptical or  unaware that it exists.Believe me though, Bitcoin is the next big technological development on the Internet and will transform the world for better.

What is Bitcoin?

It is a digital currency,  which is created and held electronically. No one controls it. It was  developed by an unidentified programmer or programmers under the name of  Satoshi Nakamoto.The peer-to-peer system operates on servers to make payments directly to users, without involving an intermediary.Here’s why you should always have bitcoins with you:

1. Bitcoins are affordable

The  first and the foremost reason to have bitcoins with you is the  affordability or ease of use. No doubt, using Bitcoins provides  convenience to almost everyone. Moreover, the Bitcoin network is a tad cheaper than bank transfers, credit cards and other conventional modes of banking.If  you’re using the Bitcoin system for payments, you’ll be charged only  very small transaction fees (much cheaper than banking or credit card  fees!) and everyone has the right to use it.Low transaction fees make them preferable currencies due to low cost and ease of use.

2. Bitcoin Might Help Us In Inflation

As  we all know, inflation is increasing all over the globe and it could  develop into a severe economic crisis sooner than the Federal Reserve or  The Wall Street Journal warned. In such a tenuous situation, Bitcoins  come in handy. They act as a deflationary system, meaning merely 21  million bitcoins will be circulated in the market. 

 At present, approximately 13.5 million bitcoins  are in circulation and the last bitcoin would become available in the  year 2140. You might be wondering why 2140 will be the year for the last  bitcoin to become available?Circulated  bitcoins cannot exceed the limit of 21 million due to a technical  computing limitation so the price of a bitcoin is projected to increase  as more euros and dollars flow into the system. A lot of people call  bitcoin as a substitute for gold, naming it “Gold-2.0”.

3. Bitcoin – People’s Money

It’s  a fact that the entire banking infrastructure all over the globe can be  traced back to a small group of people making decisions and  adjustments. In other words, you could say that all major  finance-related decisions are in the hands of a couple of businesses,  individuals of tremendously rich families, and establishments that own  and control the majority of the money.Bitcoin is actually an infringement of these cartels, being publicly registered and consensus driven with free bitcoin cloud mining.  It’s a decentralised cryptocurrency and the isn’t controlled by any  single organization or institution. Bitcoin system seems to be a  promising endeavor to take control of economies away from a handful of  people making decisions, increasing stability and potentially  prosperity. 

 

4. Bitcoin Is Secure

Bitcoin  and cryptocurrencies are secure. A lot of people are frightened by the  intangibility of Bitcoins, however, they are very safe to use as they  can’t be multiplied or counterfeited at will.If  someone wants to forge cryptocurrencies, they would have to hack the  software present on a decentralised network running on hundreds of  thousands of servers. A professional hacker can hack certain exchange  websites, but Bitcoin itself can never be hacked. Dan Kaminsky – a  renowned hacker and security expert tried hacking bitcoin network but  got failed. To anyone’s knowledge so far, counterfeiting bitcoin is  impossible.Bitcoins are considered as future of  currency and gradually it is taking over the traditional currencies.  Though it may not have the government backing it is quickly becoming a  recognized currency and may soon be used as normal currency. 

Refrence:

http://www.lifehack.org