5 Reasons Why Bitcoin Will Defeat Banking | by Sylvain Saurel | Jan, 2022
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The Bitcoin system network is always working. You can make transactions at any time without any constraints. You don’t have to wait for the banking system to start working again at the beginning of the week to make a money transaction to a friend on the other side of the world.
You can do it on Saturday at 8 pm if you want to.
The amazing thing is that your friend will receive the Bitcoin you send him within minutes. In contrast, the SWIFT interbank payment system will require you to wait 2 to 5 days. In a world where everything is moving faster and faster, it is not conceivable to have to wait several days to transfer money around the world.
Members of Generation Z and Generation Alpha will find this even more unacceptable. Thus, Bitcoin will become their first choice. A no-brainer in a world where everything will be digital.
When you make a transaction on the Bitcoin network, you have to pay a transaction fee. This is used to fund the work of the miners who secure the Bitcoin network by making their computing power available to the system.
The big difference with the current banking system is that the fees you pay only depend on the amount you want to transfer. So you can transfer several million dollars in BTC for less than $1. Unthinkable with the SWIFT system.
Transaction fees depend mainly on the number of transactions waiting on the network. So, the more the network is saturated, the more you will have to increase the transaction fees to encourage miners to prioritize your transaction for insertion in the next block they will try to validate.
With the Lightning Network, the situation is even simpler. Transaction fees are virtually zero and transaction speeds are instantaneous. The Lightning Network, whose adoption is growing steadily, is the future solution for the mass adoption of Bitcoin as a means of payment in everyday life.
The right to save is a basic human right. You work hard, and you have the right to choose what to do with the fruits of your labor. Unfortunately, the current system insidiously forces you to spend your money on unnecessary things you don’t need.
The reason is simple and sad: if you save in the current system, the endless monetary inflation of fiat currencies will eat away at your purchasing power. The US dollar was designed to be spent.
Bitcoin exists in limited quantities, which changes the game. When you put the fruits of your labor into the Bitcoin network, you have an essential guarantee: 1 BTC today will always equal 1 in 21 million BTC in 10, 25, or 50 years.
From then on, you can save with peace of mind. Your purchasing power in Bitcoin will remain the same.
Bitcoin is a pseudonymous network. All transactions on the network are linked to addresses, not people. De facto, your privacy is respected as long as you don’t reveal the addresses associated with your identity. If Bitcoin is an open book, it’s only about what happens on the network, not about what people do with their money.
The other advantage of Bitcoin is that no one will ask you to justify the transactions you are going to make. If you want to send 10 BTC to someone on the other side of the world, you can do it. It’s your money, and therefore your responsibility.
With the current system, you would have to justify yourself to your bank, but also to customs, and probably to other government services that would suspect you of using your money for illegal activities. It’s your money, but you have to use it according to rules that are not your own.
Rules that are constantly changing. With Bitcoin, the rules of the game are known in advance, and they never change. The stability of the Bitcoin protocol is remarkable in a world as uncertain as ours.
Combining what I have just told you, you see the 3 fundamental freedoms that Bitcoin offers you:
- Freedom to receive BTC.
- Freedom to send BTC.
- Freedom to HODL BTC.
And that’s at any time. From there, Bitcoin lets you live your life on your own terms. That’s why Bitcoin is all about power. Once you have the private keys associated with your Bitcoin, you are in control. No one can take your Bitcoin away from you or stop you from using it as you wish.
This is a major paradigm shift from the current banking system, where you are a sort of slave. The word may sound strong, but that’s the feeling we all get when bankers censor some of our transactions for totally arbitrary reasons.
Bitcoin allows you to be the master of your money again.
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