The Benefits of Having a General Circulation of Bitcoins

Bitcoins may not be the first attempt at making an electronic currency, but its flawless system of money production through solving algorithms and other features are making it more popular all over the world. If Bitcoins went into general circulation, here’s what can happen.

1.    Defense Against Inflation

Bitcoin might have a very high exchange rate, but another feature it has is that it could defend investors from monetary inflation in their own national currencies. You could just exchange your actual money into bitcoins and use it to buy items the following day when the numbers become better.

2.    No Transaction Fees

The Internet is fast becoming a means to buy and sell items from international merchants and individuals, but the industry is bleeding because of the high but fair transaction fees banks and financial institutions impose. Bitcoin allows for digital exchange directly from the buyer to the seller without any fees.

3.    Secure

The bitcoin network records all bitcoin transactions and each is secured with an encryption. The encryption allows no trace of the financial record, but it validates that the purchase had been made.

4.    Future

People have been using cellphone credits to pay for certain items in the past. Some countries use their call minutes on their mobile phones to exchange items. Bitcoin is doing the same thing. With a decentralized currency and great rewards for “miners”, bitcoin is a better future currency than anything else.