Cryptocurrencies, specifically bitcoin, have become the hot new topic in recent news, particularly in banking, but why? We’ve put together a short list of reasons below as to why bitcoin is better than traditional banking systems:
1. You do not need permission to use bitcoin
Normally, opening a bank account or applying for a credit card is a long and very drawn-out paperwork process, making it a hassle for customers in the end. However, bitcoin is free and accessible to everyone! (That’s what Bitmoney.eu is doing, anyways).
2. Bitcoin is trans-national digital currency
There is no third party involvement when trying to exchange bitcoins or in bitcoin transactions. Bitcoin makes it easier to not only transfer funds across nations, but it also maintains a thorough back-end ledger of transaction history.
3. No spending limits
Banks operate on a fractional reserve system where they only have a fraction of all the money on had, meaning not everyone can access their money at the same time. Thus, banks have to limit customer purchases and withdrawals with daily spending limits. With bitcoin, there are no limits whatsoever, you can spend as much as you need with no issue.
4. Incredibly fast international settlement
The current bank system is very outdated, especially when trying to make international transfers and wires. This process normally takes several days for a wire to clear with the bank. Who has time to wait that long? Transactions made with bitcoin are received almost instantly — only a maximum of one hour for proper confirmation.
5. Lower fees
Bitcoin is by far the cheapest way to send international payments. All you have to worry about is the minors fee which is around 20 cents — still less expensive then most transfer methods, including traditional wire transfer, PayPal, credit cards, and many, many more.
6. It is impossible for your account to be levied
You are the only one that has access to your private key(s), so your money cannot be hacked or controlled without your wallet key. This allows you to be in complete control of every single penny of your funds.
7. 24-7 access to your money (seriously though)
With bitcoin, you are not restricted to “business hours of operation.” You have your secure private key(s) and can access your money whenever you want, no third party intervention (a.k.a. banks).
Still not convinced? Check out our site at Bitmoney.eu to make a transaction and see for yourself how easy everything becomes when you are your own bank.