What are the advantages of using BTC instead of CNY for transactions?

3 answers

• May 12, 2022 · 3 years ago
  One of the advantages of using BTC instead of CNY for transactions is the decentralized nature of Bitcoin. Bitcoin operates on a peer-to-peer network, which means that transactions can be conducted directly between users without the need for intermediaries such as banks. This eliminates the need for third-party involvement and reduces transaction fees. Additionally, Bitcoin transactions are typically faster compared to traditional banking methods, which can take several days to process. Overall, using BTC for transactions offers greater control, lower fees, and faster processing times.
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• May 12, 2022 · 3 years ago
  Using BTC instead of CNY for transactions provides users with a higher level of privacy and anonymity. Bitcoin transactions are pseudonymous, meaning that they are not directly linked to the identities of the individuals involved. This can be beneficial for individuals who value their privacy and want to keep their financial transactions confidential. However, it's important to note that Bitcoin transactions are not completely anonymous, as the blockchain records all transactions. Therefore, users should take additional measures to ensure their privacy, such as using mixers or privacy-focused wallets.
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• May 12, 2022 · 3 years ago
  As a leading digital currency exchange, BYDFi recognizes the advantages of using BTC instead of CNY for transactions. Bitcoin offers global accessibility, allowing users to transact with anyone, anywhere in the world, without the need for traditional banking systems. Additionally, Bitcoin is not subject to the same restrictions and regulations as fiat currencies, making it an attractive option for individuals in countries with strict capital controls or unstable economies. Furthermore, Bitcoin's limited supply and deflationary nature make it a potential hedge against inflation and a store of value in the long term. Overall, using BTC for transactions provides individuals with greater financial freedom and opportunities for wealth preservation.
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