Main reasons why Bitcoin is superior compared to traditional currencies

Bitcoin has become a globally renowned cryptocurrency, and the interest is constantly growing thanks to its bull cycle. The main goal was to create a cryptocurrency that represents a strong alternative to traditional currencies, and a decade later is pretty clear that not only has it achieved this milestone, but it is deemed a safe-haven asset. If you're new to the world of cryptocurrencies, here we list some of the reasons why Bitcoin is a better alternative for your payments than traditional currencies.

Decentralized cryptocurrency

The main reason why Bitcoin is so successful is its blockchain system. The system is a decentralized peer-to-peer-based network that relies on the work of the miners (users in the network) to verify the transactions. This also means that there is no central authority that controls the network or any decisions regarding its future developments.

Furthermore, the supply of BTC is not controlled by anyone because the network itself has a protocol that regulates the rate at which new BTC is being produced. So, this means that Bitcoin is designed as a deflationary currency. When it comes to fiat currencies, they are completely centralized as there is a central bank that governs the available supply of the currency.

Online trading sites

When it comes to investing, with is also very easy because the number of trading sites is rising, and there are many choices available to users across the world. You don't need anything but a mobile device and an internet connection to invest in Bitcoin.

Obviously, as we have significant technological progress in this area, there are many modern and technologically advanced sites like bitqs.app, which also uses AI technology that makes trading more accessible to crypto newbies. In fact, the most technical aspects of trading are completed for you. So, you just need to make a deposit of at least $250 and get on with trading. It is also beneficial for users that they get up to ten free withdrawals on a monthly basis on this platform.

Advantages of the blockchain network 

Another reason why Bitcoin is more superior to fiat currencies is that it is based, as we said, on the decentralized blockchain network. This underlining technology offers many benefits for Bitcoin as a cryptocurrency and its users. The transactions are completed on the network within 10 minutes, which is the average processing time. It doesn't matter whether they are nationwide or cross-border transactions. 

The no high banking fees, and you only pay a negligible transaction fee. Furthermore, your anonymity is guaranteed on the network, which isn't an available option with fiat currencies. Lastly, as a miner, you have a vote, and you get to participate in the latest developments and changes in the network.  It's also worth mentioning that the network functions seamlessly, and there is complete transparency when it comes to the data. 

Online purchases

In terms of online purchases, it is quite easy to buy anything you want online. Not only are your funds instantly transferred, but also you can also choose from a number of different brands. Actually, in recent years the number of both brick-and-mortar and online brands that are accepting BTC is growing.

Plus, you can purchase apps, games, memberships, and many other items on sites like Twitch, Bloomberg, Microsoft, Etsy, OKCupid, and many others. The processing fees are significantly lower than banking fees for additional currencies. But, still, there are a lot more businesses and organizations that accept traditional currencies.

Digital scarcity

Another advantage of buying Bitcoin is that it is very rare, and you are basically investing in a safe haven asset. Satoshi Nakamoto designed a cryptocurrency that has a finite supply of 21 million BTC, which makes Bitcoin even more valuable than gold. Hence, today an increased investment in BTC is dubbed as the digital gold rush.