The key element of bitcoin that makes it widely accepted is its decentralized nature which means that it is not regulated by any central authority. This gives users more control over their money without having to worry about any intermediary like a bank or government that keeps track of the transactions.

Another reason for it being better is its lower transaction fees. Due to this, cryptocurrencies especially bitcoins are chosen as a popular means for sending money across borders. Fiat currencies carry along several transactional fees which make the whole process a lot more expensive.

Economic recessions have bought attention to many insufficiencies associated with fiat money. This is another reason why bitcoins are gaining momentum in their adoption. They are also helpful towards achieving a cashless society which is why many are promoting it.

Privacy is another basis for the popularity of the bitcoin, as users do not have to share any personal details to perform payments and transactions. Several altcoins have been developed whose main feature is to offer utmost privacy to its users.

Unlike fiat currencies, which take longer time to complete transactions, crypto payments are quick. Meaning they involve quick settlements with shorter duration.

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