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Bitcoin is the new kid on the block, a digital currency set to revolutionize the financial system. While it still doesn’t have the backing of major governments, there’s a positive sentient built around it in the past couple of years. However, before it becomes a big player, investors and regular people need to learn more about it, especially how it differs from standard currencies.

The fact that fiat money is legal tender while Bitcoin is not is the key difference between them. However, things go much deeper than that. From the price volatility to how it’s produced, there are many differences between Bitcoin and traditional currencies.

Lower Fees

As we all know, banks charge transaction fees, and often, they can be high. When you take into account the currency conversion fees, the numbers can add up. Bitcoin, on the other hand, has relatively low fees. Since the blockchain is not a financial institution, only a small fee is charged to complete each transaction. It’s insignificant really, and there are no hidden fees like many banks charge.

The low fees is one of the main reasons why people love Bitcoin so much in addition to the anonymous transactions.

Anonymous Transactions

Imagine making legal transactions over the Internet without providing your financial details. When you pay with your card or bank account for something online, your personal information is shared. That won’t happen with Bitcoin. The blockchain promises anonymous transactions which are still recorded on it.

Unless you add that information yourself, you’re not required to share any personal information. It’s not just the anonymity – thanks to the blockchain, identity theft is not a problem you should be concerned about.

Available Online

While you can use traditional currencies anytime and anywhere too, Bitcoin is much more convenient. All you need is a hot (or cold) wallet to store your Bitcoins and you can access your stash anytime and anywhere. Of course, you have access to fiat money too, but that’s limited by ATM limits and similar factors.

That won’t happen with Bitcoin. Your hot wallet can be accessed with ease as long as you have a stable Internet connection. You can then proceed to make anonymous transactions 24/7 from anywhere in the world. Simply head to a reputable trading platform like https://yuanpaygroup.app/ and you can access your Bitcoins or buy new ones any time you want to.

Easy to Store and Use

As mentioned earlier, Bitcoin is pretty simple to store and use. Unlike paper money you must store in physical wallets, you store your Bitcoins in digital wallets. These are often available at trading platforms for free and come with numerous great feature that enhance security and prevent anyone from stealing your BTC stash.

Owning a Bitcoin wallet is completely free and the easiest and best way to store your virtual coins.

Constant Access to Accounts

Traditional bank or payment accounts can be frozen for many reasons. That’s not a problem with Bitcoin. It exists far outside regular laws and regulations, so you don’t need to fear being locked out of your account. Your Bitcoin stash will be available anytime and anywhere as long as you have access to the Internet.

Bitcoin or Fiat Money?

The choice is all yours. We’ve laid out all the advantages of digital currencies over fiat money. It’s up to you to decide what you want to use. If you ask us, Bitcoin is the future of money and a much better alternative. Of course, it still needs years to mature, but unlike the constraints banks impose on fiat money, Bitcoin is 100% free to use.

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(UEN 201431998C.)

Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)