bitcoin article
1. Bitcoin is permissionless
With the exception of paper cash (something that is increasingly rare as the world continues to go digital), traditional currencies require permission to use. This means that third-parties like banks, financial institutions, and governments stand between you and your money.
Bitcoin requires no permission from anyone. It is free and open to use globally. There are no borders or limits with Bitcoin. A virtual currency designed to act as money outside the control of any one person, group or entity.
2. Bitcoin is immune to seizure
Since it is not housed at any central bank or company. Nobody can confiscate your Bitcoin*. With Bitcoin, you can be your own bank, thus removing 3rd party involvement in financial transactions.
3. Self-custody
Individuals can self-custody cryptocurrencies like bitcoin. You don’t need to rely on a bank, legal documents, or a single entity to take complete ownership of your assets. This makes an incredible impact in countries across the globe without strong property rights, giving individuals more control over their future. And if you self-custody your own bitcoin, make sure you select the best .
4. Decentralised
Bitcoin is the most decentralized cryptocurrency. What does that mean? It means that the Bitcoin network is distributed across many different computers, known as nodes. Decentralization is so important because it prevents a single point of failure to attack, making it almost impossible for any organization or government to take down the network. Hempearth accepts Bitcoin as a way to keep serving the public without 3rd party control. Support us by learning how to buy and send us Bitcoin for our products and as our #1 payment method.
5. Bitcoin is open source
The Bitcoin protocol (software) is open for anyone to see. Additionally, anyone can contribute to developing Bitcoin. This means that the way Bitcoin evolves over time is entirely up to the Bitcoin community, which is defined as anyone who holds Bitcoin or has an interest in its future. Bitcoin is the people’s money.
6. 24/7
Unlike traditional financial markets, bitcoin doesn’t close in the afternoon or over the entire weekend. Bitcoin is tradeable 24/7, 365 days per year. Not to mention, sending bitcoin is faster than a bank transfer. While remittance payments to family overseas can take days, people can send and receive bitcoin in 10 minutes to an hour.
7. Bitcoin is transparent
All information regarding the Bitcoin money supply is available for anyone to view on the blockchain. Every transaction made with Bitcoin is available for anyone to see too, although personal information is hidden. This radical transparency helps ensure that Bitcoin remains open and free from corruption.
8. Bitcoin has a limited supply
There will only ever be 21 million bitcoins created, and they’re generated at a predictable rate over the next 100 years. This makes Bitcoin a scarce commodity, which is a big part of why it is valuable. By comparison, fiat currencies like the dollar have an unlimited supply. While the purchasing power of the dollar decreases year after year, the value of Bitcoin continues to increase.
9. Bitcoin provides anonymity
Bitcoin can be used as an anonymous currency free from spying governments. When you use Bitcoin, you don’t need to provide your email, name, social security number, or any other identifying information. Bitcoin is just numbers, 1’s and 0’s, traveling through the internet.
10. Bitcoin is freedom
Using Bitcoin gives you the financial freedom to transact globally using all the properties mentioned above. As such, Bitcoin provides economic stability and newfound freedoms to the world, making it a truly game-changing technology.
