The Bitcoins cryptocurrency has changed the way we conduct online transactions. It is the fastest and freest way of transferring money to any place in the world.
Who Invented Bitcoin?
No one can tell with certainty who created the Bitcoin. However, Satoshi Nakamoto was the name that keeps coming up as the inventor of this cryptocurrency. He is the one who planned the implementation besides working on the first blockchain. The inventor also solved the problem related to double spending. He remained active with the development of this project until December 2010.
Little About Satoshi Nakamoto
The reports tell that Satoshi Nakamoto was born in Japan on 5th April 1975. However, there are speculations of the inventor of Bitcoin from other nationalities as well like the US or Europe. Another claimant of this invention is Australian programmer Craig Steven Wright. However, he is not able to provide enough proof of his involvement with the project.
How is Bitcoin Different from other Cryptocurrency Options?
There are a lot of differences which make Bitcoin a lot more desirable. Let us see the reasons why Bitcoin rules the cryptocurrency arena.
- There is a dedicated community of developers which keeps improving its security. They keep on finding new flaws and improve it to make it secure.
- No Altcoin can meet the type of market capitalization, popularity and user base like Bitcoin. This cryptocurrency makes it one of the most popular digital currencies around the world.
- You can pay for different types of transactions using your Bitcoin currency. No other cryptocurrency offers this kind of flexibility.
- The creators of Bitcoin have made it a lot easier to use. The peer-to-peer transactions ensure direct money transfer in your account.
- Any altcoin company which tries to compete with Bitcoin does not just need to compete with this cryptocurrency. There are entrepreneurs, startups, and systems supporting it. Therefore, the new altcoin competitor will have to build a dedicated community supporting its development.
Benefits of Using Bitcoins
Let us look at advantages of using Bitcoins.
Mobile Payment System
All you need is internet access to make payments. You can use your mobile phone for making the payments. You do not need to visit a bank for making any transactions. There is no reason to provide your personal information when conducting financial transactions.
No Central Bank or Third Party Interventions
There is an increase in efforts to centralize and regulate financial transactions. Countries all over the world are coming up with their ways to find problems like money laundering. You do not need to make a banking transaction involving large sums of money where you need to tell your central bank of your country.
Complete Anonymity
Privacy is of primary importance for people transferring money. No other method gives complete anonymity like Bitcoin. You are given complete confidentiality and comfort when transferring large sums of money. The Bitcoin address keeps changing for each new transaction.
No Taxes on Purchases
No GST, Value Added or other taxes to pay. When the government does not know about your transaction, it will not tax you on your purchases. You can save large sums of money you otherwise pay as sales tax.
Why do People want to Use Bitcoin?
Let us look at the reasons why people would want to use Bitcoin.
Complete Digital Security
You get the kind of digital security that no other financial institution in the world can offer. No banking database is as secure as that of Bitcoin. There is a very powerful network behind it which keeps it safe. So, you get the unparalleled security of your money.
Quick Transaction Time
An ordinary banking transaction across borders takes so long. A financial transaction across borders may take from 3 to 5 days to complete. It takes only seconds for a Bitcoin transaction to complete and only 10 minutes to get confirmation.
No One Knows About You
There can be countless reasons you want to pay money for something. But, no matter if it is a private matter, whatever you buy, it will keep showing up on your bank statement. However, Bitcoin takes care of that. So you do not have any problems making payments for things you do not want others to know about it.
A Scarce Commodity to Store
The demand and supply forces decide about the price of a commodity or currency. There is a limited amount of Bitcoins in the world. As of February 2016, there were 21 million Bitcoins all over the world. However, in the case of other currencies, banks keep printing more money, and they keep getting devalued.
Low Transaction Cost
There is a low transaction cost involved when compared to other modes of payment. The fee depends on a lot of factors including the amount, overall demand for the currency, and rate of floating fees at any given time.
