Why Not Bitcoin Instead Of Industrial Banks?
If people tell you that Bitcoin is some super hi-tech, hard to understand, cryptographic experiment, just do not believe them. Back in the days, agreed. It was not the most convenient and user friendly means of payment. It was hard to convert Bitcoin into ‘real’ currency. Technology and it’s rise in popularity have put an end to this problem, to begin with.
Before we more further, it is important you to note that all that this article is about, is the personal problems that one has faced. There is no attempt to convince people in such to switch from industrial banks to Bitcoin. By sharing my experience, this article serves just the purpose of an helping hand.
Although banks are considered to be one of the safest places in the world. Does it bother you, that you are unable to keep a tab on your savings, as and when you please? Does your heart skip a beat, everytime you cannot find your wallet? With Bitcoin you can stop trusting the bank and start trusting yourself. Even in case the device is broken or lost, Bitcoins are saved on it in its “initialization seed”, which you acquire on purchase of the device. Similar to a lost credit card minus the hassle. There is something called, “two-factor authentication” which is strongly recommended. But please remember that Bitcoins aren’t 100% safe too. Hacks, are a constant threat which could result in the loss of all your money.
Money has a strong case with itself, being the most liquid asset possible. Bitcoins however, are not far behind. They can be stored in one’s debit cards favourably and can be converted into cash, everywhere and at any time.
Both Bitcoins, as well as industrial banks have their own set of pros and cons. What is still allowing mutual co-existence, is that currently they both, each have their own target market, satisfying the needs of their particular consumers. But with the way things are progressing in this modern world, could Bitcoin actually replace industrial banks altogether?