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Why is Bitcoin Superior To Other Currencies?

Chess playThe quick answer: Because no one – no committee of “experts” – controls its destiny, and because the rules set by the protocol devised by Satoshi Nakamoto are not imposed; each user chooses to accept them. But what does this mean, in practice, for the user?

  • Let’s review the advantages of Bitcoin …
  • Increased privacy by eliminating the interference of third parties in transactions.
  • Money supply is decreasing and predictable, which helps preserve – and possibly even increase – the purchasing power of Bitcoin holders.
  • Lower, or even zero, transaction costs on the web, which at current levels – for example through PayPal – tend to hinder free exchange.
  • Simplifies and accelerates payments, dispensing with unwanted intermediaries.
  • A Bitcoin address can be anonymous, if the user so desires.
  • Allows transfers anywhere, ignoring geographic and political barriers.
  • It’s transparent: Although users are not forced to reveal their identity, all transactions are recorded in a freely accessible record.
  • Supports complex transactions (escrow, deposit insurance, guarantees, mediation, etc.) with solid cryptographic support for all types of rules and conditions which are freely agreed upon by the parties.
  • Is available non-stop: There are no holidays or weekends for Bitcoin operations.
  • Makes micropayments viable on a large scale.
  • Prevents the freezing of funds.
  • Prevents chargebacks.
  • Prevents the arbitrary restriction of goods and services that may be purchased.
  • Allows for the accumulation of huge fortunes within a very tiny space.
  • It can be easily hidden, and it is not necessary to resort to a third party for safekeeping and/or transfer.
  • Can be stored in multiple locations simultaneously.
  • It does not rely on a third party or on a particular legal system to preserve its value.
  • Provides protection against all forms of theft, including taxes: The technology on which the Bitcoin protocol is based is several times safer than that used by banks and credit cards.
  • Cannot be removed by legal/computer attacks due to its . decentralized nature.
  • Cannot be forged.
  • It is easily and instantly recognizable.
  • It is infinitely divisible.

For quite a few reasons which today no one any longer denies, the e-mail has replaced the postal service in all its primary duties. How many reasons in its favour does Bitcoin have to build up for fiat money to become obsolete?

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