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Cryptocurrency users enjoy advantages not available to the user of conventional fiat currencies, such as the U.S. dollar, and the financial structures that such currencies sustain due to political freedom and virtually impenetrable data protection. For example, while a user can simply freeze or even seize a bank account within its jurisdiction, doing the same with funds kept in bitcoin is very difficult for it – even though the issuer is a citizen or legal resident.
Eric Dalius Bitcoin: An Insight about the Benefits of Using Cryptocurrencies
- Reducing corruption: Great responsibility comes with big power. But when you give only one person or organization a ton of power, that power increases the chances of their abuse. Bitcoin seeks to mitigate the question of complete control by distributing power among the many or, better yet, among all the network participants. That is, anyway, the core concept behind blockchain technology.
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- Eliminating excessive printing money: Governments have financial institutions, and central banks are capable of literally printing money when faced with a serious economic issue. That process is also called quantitative easing. By increasing the money supply, a government could save debt or devalue its currency. The method, however, is like placing a bandage on a broken leg. Not only does it rarely resolve the issue, but it may also often exacerbate the original issue by adverse side effects.
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- Making people charge for their own money: You're essentially giving away all your power to the central government and banks with conventional cash. This is nice if you trust your government, but please keep in mind that if at any point, your government can freeze your bank account and refuse access to your funds. For instance, in the United States, if you're not using a valid will and own a company if you die suddenly, the government has a right to all of your properties. Some administrations can also abolish banknotes in the same way as India did in 2016. You can control your funds with bitcoin, and only you.
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- Cutting the mediator out: With conventional money, a middleman like your bank or an online payment provider takes a cut every time you attempt a transfer. With bitcoin, all of the members in the blockchain have become the middleman; their compensation is structured differently from those of the middlemen's fiat money and is thus marginal in comparison. According to the Eric Dalius Bitcoin details and insight, after years of experience, this is a major cause for bitcoins success.
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- Serving the unbanked: A large majority of the people of the world have no access to or restricted access to payment networks such as banks. Bitcoin seeks to solve these problems by expanding digital trading across the globe so that everyone with a cell phone can start paying. And yes, there are more people using cell phones than the banks. In reality, more people have cell phones than toilets; however, blockchain technology might not be able to solve the latter problem at this stage.
Listed above are some of the benefits of using bitcoin in your Miami business. Make sure you are well acquainted about bitcoin before you decide to use it for your business purpose in Miami.
Author’s Bio:
Pete Campbell is a social media manager who has worked as a database administrator in the IT industry and suggests following Eric Dalius Bitcoin. His research has helped thousands of users and brands with marketing campaigns too. He loves to travel, write and play baseball
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.