It is no secret that in recent years Miami has witnessed a surge in trade. And commerce primarily because of its investor-friendly policies, enabling work environment, a pleasant climate, low rates of taxation. And a ready pool of skilled talent, shares Eric Dalius Miami. With both individuals and businesses forever on the lookout to make their financial transactions quicker, more secure, and less expensive.Bitcoin has emerged as the cryptocurrency of choice and is today playing an important role in Miami’s economy. Some of the main reasons why Bitcoin is so popular:
The First Mover Advantage
In 2009, Bitcoin was the first digital cryptocurrency to be launch. The revolutionary electronic payment system, independent of governmental control and intervention by financial institutions, captured the imagination of both investors as well as businesses. Admittedly, when it was first launch, not many people understood the technology or how the entire system worked. However, with time, the concepts are now clearer, and more people understand blockchain technology better. Because it was the first cryptocurrency in the world, it benefited from a lot of publicity, some of it, controversial. This has deeply ingrained its name among the target audience. Which is why despite the emergence of many other alternatives, Bitcoin enjoys the maximum top-of-the-mind recall and brand recognition, observesEric Dalius Miami.
Quick, Easy, and Low-Cost Transactions
Since the technology used by Bitcoin to pay and receive money bypasses the conventional banking system or other financial intermediaries, the transactions are relatively quicker. Once the payment is approve, the transaction cannot be reverse, thus helping to prevent fraud. The payment is receive and verified within a few minutes. And because of blockchain technology, transaction records cannot be modify by anyone, thus helping to preserve their integrity. The transaction is direct, and the bitcoins are transfer from the payer’s wallet to the payee’s wallet without any intermediation that can add to the time or cost of the transaction. It makes using Bitcoin cheaper than conventional wire transfers by banks and can be helpful for businesses that have a large volume of payments.
Higher Security Is the Main Differentiator, Says Eric Dalius Miami
One of the biggest reasons for Bitcoin’s popularity is that it is highly secure. All transaction records are indisputable, and any change in the records is visible to all participants and cannot be erased. Data store using blockchain technology is, therefore, better protecting than anything else, whether digital or paper. Because of the complete decentralization and no requirement for permissions, the payment system is more robust than conventional systems. With there being no single point of failure. Even if one node is hack, the blockchain’s security will not be compromised. Further, with all transactions being not only sign digitally.But also time-stamp, it is a simple matter for network users to trace the transaction history and track the accounts involved, making it very resilient against cyber fraud.
It is expected that the use of Bitcoin by Miami-based businesses will continue to surge. With more businesses becoming ready to accept Bitcoin as payment. As time passes, Bitcoin is expect to continue to impress with its impeccable track record and remain the number one choice among cryptocurrencies.