It cannot be denied that Bitcoin provides lots of advantages to its users. One of the most important benefits is the freedom level. The Bitcoins-Evolution comes in a lot of ways; mental freedom knowing that your technology and funds are under your control and the financial freedom since you are not relying your money on the current infrastructure.
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Let’s Look at the Financial Freedom
Financial institutions and banks are slowly tying the individuals to their services without offering the people with the possible alternatives. Some consumers are fine with that since they are satisfied with the things that they only know.
On the other hand, Bitcoin provides you with lots of viable alternatives. But bitcoin adoption should become successful first to achieve financial freedom. For more than 50 years, many individuals are relying on the actual money to pay the services and goods they avail with the use of credit cards and bank transfers.
It is important to note that the next evolutionary step will be the use of mobile payments. But mobile payments still have connections to your bank accounts. But for the upcoming years, you don’t need to take your credit or debit card or cash on you when going shopping.
What is the Difference between Currency Freedom and Bitcoin Freedom
Your bank account or your wallet has a fiat currency that has value. For instance, you have 20 euro bills in your wallet. This represents a value of 20 EUR.
When you are in Bitcoin, the free market is the one that provides the specific bitcoin price or even the satoshi, which is the smallest bitcoin divisible unit. The free market is composed of various bitcoin users coming from different corners of the world. The free market will decide a new price of Bitcoin, saying that it should not be equivalent to 250 US Dollars but 10,000 US Dollars. No one can restrict this from happening, even a central authority.
For those who don’t know, Bitcoin is one of the few digital currencies that are borderless and, at the same time, transportable. But take note that it can also lose its value, which is like on how a fiat currency can lose its value. But the good thing is that it can also gather value that similar to the value of a precious metal.
In the different local currencies, the bitcoin price is denominating, which is a good thing to know. As mentioned, bitcoin can be used as a borderless payment method enabling you to receive money and send it at the same time. But even though that is the case, bitcoin users need to convert their value into a fiat currency before using it.
This is one of the good financial freedom levels that will enable people around the globe to send bitcoin money to the other bitcoin users on this planet. Aside from that, they can also store it in the BTC or covert its money value into a fiat currency – the decision will always depend upon your personal preference.
You don’t need to use the various remittance services like Western Union and MoneyGram when using Bitcoin. This is because these services require your verification and personal details when you are going to perform money transactions. Aside from that, they also charge a high amount of fees.
In bitcoin, you don’t need to verify your identity. As a user, you will have a high level of privacy security. This means that you and your cash are safe from theft and other malicious individuals.
There’s a chance that many individuals will use Bitcoin for paying goods and services in the future.