Bitcoin vs USD

A Comparative study of Bitcoin and USD

Bitcoin is regarded as better than many fiat currencies. One of the currently existing currencies is USD or United States Dollar. Bitcoin is far better than the USD for many reasons. First of all, the Bitcoin provides the financial power to the people. Before the advent of the Bitcoin, the world may have never seen the establishment of a financial system without the complete control of the banks. In the Fractional Reserve banking, the banks can legally be held responsible for the fraction usually 10% or less than the funds they have on the loan. In case they lend out $100 USD, they would just be responsible for having less than 10% or 10% on hand to cover the loan. The fiat currencies, specifically USD support the kleptocracy. However, the Bitcoin would reestablish the market capitalism. 

The Appreciation of the Bitcoin has already beaten the inflation of dollars. At first, many people, in fact, don’t know what inflation means. The bankers have figured out that most of the people believe that inflation is the price of the services and goods increasing over a period. Inflation means that the amount of US Dollar or any other currency in circulation consistently enhances. It is just the number of units of currency in the circulation and not associated directly with the markets. Bitcoin, on the other hand, is considered as the deflationary currency. It has set the amount of Bitcoin in the circulation. Almost 12.5 new Bitcoins are added to the circulation after every ten minutes.

It also allows capped maximum amount i-e almost under 21 million. This determines that the value of Bitcoin is enhanced by standard demand and supply economics or economic principles. As a maximum number of people enter the ecosystem of Bitcoin, the value per unit of Bitcoin enhances over time, a foreign theory to anyone brought up to use the paper currency as they never find enhancement in the value.

The speed of the Bitcoin also beats the speed of the USD. If you try anytime to move around 1 million USD physically or from a bank, you can try to walk to the teller at the bank imagining you had more than 1 million laying around into your bank account and just remove it from the bank. You can just forget regarding matching the speed of Bitcoin in transferring that money to the destination where you require to. The speed of transferring money with the Bitcoin is quite faster as compared to transferring the USD to the place where you require. More than billions of dollars into the Bitcoin are moved at a single time on the block chain from one specific address to the other address in the matters of just the seconds. The millions of USD worth of just a few Bitcoins can be sent in a quick time using the Bitcoin. This is never possible in the USD without the identity shakedown from different fronts.

The cost of the Bitcoin is significantly less as compared to sending the USD cost.  Suppose you simply needed to wire the cash. Go down to your bank, and see a teller or investor, which has its own cost in time and travel expenses. Round out the shape, and pay a bank payment, which will be a level charge of around $30 or a rate, contingent upon the bank and the amount you are sending. Security is a pleasant idealistic thought, yet it's not to this present reality of back. Presently the bank recognizes what you did, the amount you did it with, where it's going and who is lifting it up. If you are sending $100,000 USD or more, you may expect an elastic glove treatment by bank workforce.

Suppose you send it to a man in China working with you. They need to go to their bank, which is a cost. They can get the exchange, in the wake of uncovering their character, the way that they are accepting cash, and they may need to pay a charge also. What's more, this can take somewhere in the range of 1 to 5 days, contingent upon the sum, and where the exchange is going. So it's badly arranged, costly, and tedious.

Bitcoin is also quite secure as compared to USD. You can easily lose the paper money. There are many occasions in your life you're wasting your money just because it is in the paper form. Someone can even snatch the money from you. Hence, this makes the USD insecure. On the other hand, there is no such issue with the Bitcoins. It is the digital money and can’t be lost. It is secure money that offers you the security of your money. These reasons determine that the Bitcoins are far better than the USD.