Why Bitcoin?
image_whyBitcoin_01Traditional currencies such as the US Dollar have undeniable drawbacks, most of which seem to be overlooked or taken for granted by most people. As a digital currency that is decentralized and not dependant on fluctuating currencies, Bitcoin stands as an undoubtedly ideal currency to use especially in a crowdfunding environment like BTCPanda.
Here are a few reasons why:
1. It is Decentralized
As mentioned, Bitcoin is a decentralized currency. No central entity regulates or controls it. Not having a central entity means no party has the ability to inflate or devalue it by manipulating its supply. With bitcoin, there is no risk of money printing by a government that could dilute your savings. The creation of bitcoin happens at a stable rate and halves every four years, creating a limited supply of 21 million units.
In addition, there is no single point of failure. If the US Government were to fail, it could have harmful effects on the currency. Bitcoin was started, and is growing, without a central entity. It is a distributed network. If one part of the network were to fail or go offline, Bitcoin would keep working.
2. Free to Transfer and Hold
As Bitcoin is not a company or a business, it does not charge its customers to use the service. It is an open source technology. As such, bitcoin is completely free to transfer and hold.
The US Dollar is predominantly controlled by financial institutions that often charge fees to transfer it. Some services have been built for Bitcoin that charge fees but there is no obligation to use them.
