An #ELI5 on the benefits of #bitcoin
1. Decentralized: Bitcoin is decentralized, which means transactions can be made directly between people without the need for intermediaries like banks or governments.
2. Faster transactions: Traditional banking systems usually take days to complete transactions, whereas bitcoin transactions can be completed in minutes.
3. Cheaper Transactions: Transactions made with Bitcoin are usually cheaper than traditional methods, mainly because there are no intermediaries to charge fees.
4. No chargebacks: Once a bitcoin transaction is completed, it can't be reversed. This means that businesses don't have to worry about chargebacks (when a customer disputes a charge to their account).
5. No government/Central Bank interference: Since bitcoin is operated on a decentralized network, no government or central bank can influence its value or control its transactions.
6. Privacy: Bitcoin transactions are a confidential process. When making a payment with bitcoin, a user's financial information is not disclosed, making it almost impossible for hackers to steal it.
7. Global: Bitcoin is a global currency that can be used anywhere in the world as long as the recipient accepts it.
8. Security: Bitcoin uses complex algorithms to ensure that transactions are secure and that no one can tamper with them.
9. Protection from inflation: Bitcoin is immune to inflationary pressures because it has a fixed supply. There will only ever be 21 million bitcoins in circulation, making it a deflationary currency.
10. Accessibility: Bitcoin is accessible to anyone with an internet connection and a smartphone or computer. It is especially useful for people who do not have access to traditional banking systems.
#nostr #pleb #plebchain #nostriches #grownostr #btc #newbie #nostrnewbie