One Nigerian explained the benefits of Bitcoin from his point of view. He believes that depending on which country you grew up in, you will understand #Bitcoin from different perspectives. When he talks about his country, he notes that Bitcoin has given freedom to people. He said that Bitcoin allowed him to be a citizen of the world, not just one country.
Bitcoin is a fully digital currency that doesn’t have a single control center, is very cheap to store and fees for transferring both huge and tiny amounts of money.
The CEO of Bitnob, Bernard Parah notes that these qualities made Bitcoin very useful in certain markets and helped it overcome many monetary difficulties. For those who want to “send money to a family in another country”, and indeed in any case, where banking is too expensive or impossible, Bitcoin can become an assistant. There are no boundaries or hours of operation for Bitcoin.
He also touched upon the problem of inflation. Cryptocurrencies are not afraid of inflation, since the number of cryptocoins limited. The same cannot be said about traditional fiat money, which can be printed out of control.
Bitcoin is the complete opposite of paper money. This currency created with the aim of becoming the new gold. This valuable metal also limited in its quantity and its reserves are running out.
Bitcoin also has a fixed limit of 21 million coins. This limited supply allows Bitcoin to withstand inflation.
When a currency is limited in its quantity, anti-inflation arises as a consequence – an increase in prices against the background of a fall in the value of a single commodity.
Bitcoin — a universal asset
We all want to have one currency for which you can buy anything and sell anything. We all want it to be:
– Cheap in savings;
– Protected from counterfeiting;
– With minimal transaction time;
– With minimal involvement of intermediaries.
Today, we surrounded by a large number of artificial barriers in the field of money, which create barriers to competition, and artificially support the diversity of local currencies. Gold is confiscated at borders when it is exported from the country. Traders prohibited from posting price tags in foreign currency. Laws force us to accept the currency issued by each local government as a means of payment. Regulators and licensing curb competition from both private currencies and new monetary institutions. But all of these efforts by governments to artificially maintain demand for their own currency only show a universal desire for a single value equivalent that allows us to both buy food and create savings.
Bitcoin provides us with a mechanism to overcome all these artificial barriers, rules and restrictions. And, stepping over them, trade with each other easily and freely, like never before. Maybe it is Bitcoin that will finally allow us to get the single, universally recognized money that we all aspire to.
At best, Bitcoin will become a global digital currency, the second option is “gold for the millennial generation”.