Explaining the benefits of bitcoin can be challenging as most people with little knowledge of the crypto ecosystem are skeptical and the first thing they always wonder is how an entity with no physical presence can have a monetary value. But it’s not really that difficult. Let’s see:
The first major advantage that Bitcoin has over traditional finance is identity protection. Moving even small amounts of money these days involves demands for identification and proof of the funds’ origin, where they come from, and so on. As the world moves towards a cashless society, every transaction made can be linked to your identity, providing banks and corporations with unprecedented amounts of data on your spending habits. There may be nothing to hide, but a little privacy is still a personal right.
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Bitcoin and other privacy-based crypto assets can offer anonymity and privacy beyond any traditional method of moving money.
Another important feature is that Bitcoin works everywhere and at all times. Centralized platforms such as banks and credit cards can go offline, crash, go offline, etc. Bitcoin is a global network with 100% uptime. With the advancement of technology, mobile payments are getting easier and simpler and you don’t need to be a computer and crypto expert programmer to use bitcoin just like you don’t need to know how the TCP / IP protocol works to send an email.
The other advantage of bitcoin is high speed and low fees. Banks and centralized payment platforms like PayPal make billions in profits by charging their customers for managing and moving their money.
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High fees and slow transaction times with SWIFT codes are common and the system is archaic by today’s standards. Bitcoin, on the other hand, can be sent anywhere for a fraction of that cost, regardless of sum or destination, in a matter of minutes.
Bitcoin also gives you full control of your money. Much of South America and many Asian countries have strict capital flow controls that restrict what people can do with their own money. As financial problems mount, these restrictions are likely to spread and people will have less control over their own finances. Authoritarian regimes and banking systems restrict freedom, but Bitcoin gives it back. Bitcoins can be sent and received anywhere in the world without any interference or state surveillance. On the other hand, central banks also manipulate their currency flows and their value to perpetuate a massive credit bubble and runaway debts. Bitcoin cannot be manipulated in terms of inflation or supply, as it is finite, unlike the US dollar, for example, which has been flying from printers in recent months, or the Argentine peso and its issuance and inflation problems.
As we always say, Bitcoin is a revolutionary technology that returns financial freedom and the advantages of this are enormous.