Bitcoin holds tons of advantages over regular payment methods. One of the biggest comes from its high decentralization and self-sustainability. Because Bitcoin is not controlled by banks, they cannot impose any added or hidden fees when people make a transaction. Most of the fees for international transactions are also way lower than the average.
Transactions are also instant, which is not the case with regular payment methods. Take credit and debit cards as a comparison for online payments. It usually takes a few business days before a transaction is completed. That is not the case.
The chance to make a great profit is also worth a mention, but one of the biggest advantages that Bitcoin has is its security. That is exactly the topic that we wanted to discuss. We are going to see how users are protected, why is online security so important and how good is Bitcoin compared to other cryptocurrencies.
Why is Online Security Important?
One of the biggest disadvantages that came with the rise of the Internet is the high number of online scams. Considering the fact that Bitcoin is a digital currency and has great value, some people may be targeted. Being protected is a must, and while there are some things that you can to do increase your online security, Bitcoin’s network must make sure that you are well-protected.
But, Bitcoin users can rest assured knowing that the network is extremely secured. The fact that Bitcoin has never been hacked speaks for itself. Speaking of great security, it is interesting to mention that trading sites are among the safest sites in the network.
These sites are platforms where you sell and buy Bitcoin. Some of them even have additional services. Let’s take, Bitcoin Billionaire, a very reputable trading site, as the perfect example. This platform uses an advanced AI system that analyzes the market and uses the results to make accurate predictions on Bitcoin’s future price. In doing so, sellers are provided with an insight on when is the best time to sell their Bitcoins and generate the maximum profit.
How Users Are Protected?
Bitcoin utilizes a very advanced technology that goes by the name cryptography, to protect its users. Cryptography (or also known as cryptology) is a method that uses codes as a means for communication. The codes mask the information that is shared, and in doing so, Bitcoin users gain a certain level of anonymity.
This anonymity is maintained with every transaction. While it is worth noting that users do not gain full anonymity, they are well protected and the chances of them being hacked are slim to none. Users are also provided with a private key, which is the passcode to their e-wallets, the storage units for Bitcoins. Unless people share their private keys, which is something that you should never do, there is no chance of unwanted parties gaining access to your Bitcoins. If you are wondering which e-wallets are the best, here are some of the top-rated for 2021.
Bitcoin Compared to Other Cryptocurrencies
Bitcoin is not the only cryptocurrency on the market, we are all well aware of that. All other cryptocurrencies protect their users in a similar way to Bitcoin. But, Bitcoin is far more effective in this field. In fact, Bitcoin was ranked as one of the safest cryptocurrencies on the market due to the fact that it prioritizes user security.
Other advantages that Bitcoin has over the competition are greater stability, a more advanced network, greater liquidity, and most importantly – value that is second to none. Bitcoin recently topped $50,000 and was as valuable as gold. No other cryptocurrency has ever reached that milestone.