The Advantages Of Bitcoins

Introduction: The evolution from barter system to money system brought people huge advantage when they are making transactions. In the past, people can easily buy intermediate goods by using silver coins. Nowadays, people use cash, credit cards to trade with others in a faster, more convenient way. But now, a new payment system—Bitcoin, so-called “internet gold” is thriving and will definitely be the mainstream in the future. Besides all functions that recent financial system posses, Bitcoin have five more significant advantages—simple, less fee, more secure, no maintenance and more payment possibilities.

Body: Before talking about the reasons why people use bitcoins and what it will be in the future, we have to know the inventor of Bitcoins

First, Bitcoin is the simplest payment system in the world. By using Bitcoins, people can pay money and receive money simply by showing a link or displaying a QR code, which is much faster and easier than what we used todo—paying cash and swiping credit cards. This convenient setup can provide service for a wide range of users and fulfil a large variety of need. If this system is well-establish, Bitcoins can bring people a huge advantage on their daily life payments, in the fields of tipping, shopping, booking etc. Second, using bitcoins require less fees or even no fees. On one hand, Some famous E-commerce website like Bitmit, Mt.Gox only require 0.2 percent fee or even less when people trade with Bitcoins. Using Bitcoin in daily payment can significantly reduce the fee compared to the fee required in recent payment system. On the other hand, when people want to invest a large amount of money into foreign countries, Bitcoin is also their best choice. According to the World Bank, the average fee for sending money into Africa is an enormous 12 percent, and the cost of sending money between African countries is even higher. If people use bitcoins for transaction and investment, the fee will be much less than before, because the use of Bitcoin as a digital currency allows people to transfer money

On one hand, Bitcoin is not controlled by any country, organisation or publisher. Instead, it is generated by a non-concentered P2P(peer-to-peer) system. So no one can create or print a new “Bitcoin”. The fixed total amount of Bitcoin also made Bitcoin have no chance to encounter inflation— the cause of the terrifying 2008 financial crisis. On the other hand, Bitcoin is not like a country’s currency, it is world-wide currency and people can use it to purchase any goods and services at any places that have an internet. Fifth, Bitcoins provides new payment possibilities. Bitcoin allows people to design new and creative online services that doesn’t exist in the past due to the limitations of recent financial system. The novel services includes tipping, automated paying, crowd-funding raising, time locked payments managing, public asset tracking, micro-paying etc. So Bitcoin can offer more functions than recent financial system.

Summary: Bitcoin is the third system after the barter system and the money system. It is cheaper, safer, and simpler than recent financial system. It have no danger encountering inflation, illegal trading and need no maintenance. In short, Bitcoin is a brand new financial system that develops and thrive with the human society, and due to it’s irreplaceable superiority, it will definitely be the mainstream payment system in the