Page 8 - CBI Magazine_August 2020

CBI MAGAZINE | August 2020
The 8Goodies of Bitcoin
After educating ourselves on what Bitcoin and other cryptocurrencies are, it’s good to know what the advantages of these are, for any willing or interested investor. First, it is important to remind ourselves that Bitcoin is real money. Bitcoin is used around the world to pay for things such as coffee, food, electronics, travel, and more. Some even like to call it magical internet money, because of all it’s amazing properties and its ability to not be double-spent.
1 Independence
You control your money and how it moves. You don’t have to be subject to the bank and banking process. Bitcoin is immune to seizure. Nobody can confiscate your Bitcoin since you own it; it’s not housed at any central bank or company. In addition to this, Bitcoin is “permission-less”. Traditional currencies and other forms of money require permission to use (from banks, financial institutions, governments). Bitcoin requires no permission from anyone and is free and open to use globally. There are no borders or limits with Bitcoin.
2 Anonymous
Purchases are discreet. You do not have to reveal your identity if you are not willing to. The anonymous address generated for userpurchaseschangeswitheach transaction. This is not to say that transactions are truly anonymous or entirely untraceable, but they are much less readily linked to personal identity than some traditional forms of payment.
3 Peer Focused
The cryptocurrency payment system is purely peer-to-peer, meaning that users are able to send and receive
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