Why Bitcoin?

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  Why Bitcoin?

Why Bitcoin?

It is a video commercial that advertises bitcoin's benefits. The youtube video informs the viewer why bitcoin is better than other options. While writing this article, in the last 24 hours, 1,900.00000000 BTC worth bitcoins were mined. Trade volume was $149,847,133.40 in usd. No. of transactions done was 341,333. With every passing day, bitcoin becomes more and more popular. The video explains its salient features that make bitcoin unique i.e. only one of its kind.

The video starts with reiterating the question that many ask when advised to move to bitcoin, and then answers the question by explaining each of the 11 benefits offered. The first one is the decentralized nature of bitcoin. It's not offered from a central authority. Due to the decentralized nature, you don't need to bank on any third party. The bitcoin network is distributed among millions of computing devices i.e. nodes. Next, the video explains that no permission is necessary to use bitcoin. You don't need to go to any large intimidating organization and seek permission to use bitcoin. You can use it whenever you want it and wherever you want it. The only this that you need is the internet. Even in today's world, many countries apply massive censorship on its citizens for various reasons. Bitcoin is censorship proof. It cannot be blocked through censorship because of its use of proof of work algorithm. The next benefit that the video walks through is its immunity from seizures. No one can seize your bitcoins. Your bitcoin is yours forever. It's due to that fact that it is not stored at a central location. You can even create your own bank with bitcoins. The next one that comes up is its deflationary nature. An ideal currency should be deflationary. Its limited supply makes it inflation proof. The next benefit is bitcoin's user-friendly nature. It's extremely easy to start using it. You can start using bitcoins in a matter of seconds. Transactions are fast and cost a very small amount unlike its counterparts in the central currency world. In many payment providers, chargebacks are a huge problem. With bitcoins, it's not a problem as it uses a push system. When a transaction is done, it's done. The next benefit is privacy. Bitcoin provides its users with true privacy. You don't need to provide sensitive personal information to start using it. It provides anonymity. Figures mentioned at the beginning of this article proves Bitcoin is a real currency. Today, it is used everywhere from a coffee shop to a flower shop to a music shop for making purchases. It cannot be spent twice. Bitcoin being open source is the reason why developers come in droves to contribute through coding, running tests, editing documentation etc. Above all, bitcoin provides true financial freedom which should not be a surprise all things considered. The freedom is priceless and we cannot put a price tag on it. In the end, the video advises the viewer to visit www.bitcoin.com to learn more.

The video was made using state of the art technologies and is a must watch for anyone who wants to know about the benefits offered by bitcoin.

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