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4 Reasons Why Bitcoins Are Such a Big Deal

There is a lot of controversy around bitcoins. Here we have discussed the top 4 Reasons Why Bitcoins Are Such a Big Deal.

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4 Reasons Why Bitcoins Are Such a Big Deal

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  1. 4 Reasons Why Bitcoins Are Such a Big Deal

  2. Index • 4 Reasons Why Bitcoins Are Such a Big Deal • Bitcoins are not created by any central bank, nor regulated by any government • Bitcoins completely bypass banks • Bitcoins are changing how we store and spend our wealth • Bitcoin Transactions are Irreversible.

  3. 4 Reasons Why Bitcoins Are Such a Big Deal

  4. 4 Reasons Why Bitcoins Are Such a Big Deal • There is a lot of controversy around bitcoins. • These are the top reasons why bitcoins are:  

  5. 1. Bitcoins Are Not Created By Any Central Bank, Nor Regulated By Any Government

  6. Accordingly, no banks are logging your money movement, and government tax agencies and police cannot track money. • It is bound to change eventually, as unregulated money is a real threat to taxation and policing.

  7. Indeed, bitcoins have become a tool for the contraband trade and money laundering, precisely because of the lack of government oversight. • The value of bitcoins skyrocketed in the past because wealthy criminals were purchasing bitcoins in the large volumes. • Because there is no regulation, however, you can lose out immensely as an investor or miner.

  8. 2. Bitcoins Completely Bypass Banks

  9. Bitcoins are transferred via a peer-to-peer network between individuals, with no middleman bank to take a slice. • Bitcoin wallets cannot be seized or audited by banks and law enforcement.

  10. Bitcoin wallets cannot have spending and any withdrawal limits imposed on them. • For all intents: nobody but the owner of the bitcoin wallet decide how the wealth will be managed.

  11. 3. Bitcoins Are Changing How We Store And Spend Our Wealth

  12. Since the advent of printed money, the world has handed over the power of currency to a central mint and various banks. • These banks print virtual money, store our virtual money, move our virtual money and charge us for the middleman services.

  13. If banks need more currency, they simply print more or conjure more digits in their electronic ledgers. • The system is easily abused and gamed by banks because paper money is paper checks with a promise to have value, with no actual physical gold behind the scenes to back those promises.

  14. Bitcoins are created to put the control of personal wealth back into the hands of the individual. • Instead of virtual bank balances that promise to have value, Bitcoins are actual packages of complex data that have the value of themselves.

  15. 4. Bitcoin Transactions are Irreversible.

  16. Conventional payment methods, like a credit card charge, bank draft, personal check or wire transfer, do have the benefits of being insured and reversible by the banks involved. • In the case of bitcoins, every time bitcoins change hands and change wallets, and the result is final.

  17. Simultaneously, there is no insurance protection of bitcoin wallet: If you lose your wallet's hard drive data or even your wallet password, remember: your wallet's contents are gone forever.

  18. Thank You

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