Bitcoin is a relatively new currency that has just started entering the mainstream market.
Critics point out that using Bitcoin is not safe because-
- They have no real value
- They are not regulated
- They can be used for illegal transactions
- Yet all the major market participants are talking about Bitcoin.
Here are some good reasons to use this cryptocurrency.
Fast payment – With bank payment, the transaction takes a few days, and transfers also take a long time. On the other hand, virtual currency bitcoin transactions are generally faster.
Transactions with “zero confirmation” are instantaneous, traders bear the risk, and the Bitcoin blockchain still doesn’t recognize it. If the trader needs approval, the transaction will take 10 minutes. This is much faster than any bank transfer.
Low cost credit or debit card transactions are instant, but you must pay to use this privilege. In Bitcoin transactions, the fees are usually low and in some cases it is free.
Nobody can handle it – Bitcoin is decentralized, so no central authority can take away the percentage of your deposit.
No refunds – once you trade bitcoins, they disappear. You cannot take them back without the recipient’s permission. That’s why credit card users often face chargeback fraud.
People buy goods and if they find a defect they contact the credit card institution for a refund, effectively reversing the transaction. Credit card companies do this and charge you expensive chargeback fees ranging from $5 to $15.
Secure personal information – credit card number was stolen during online payment. Bitcoin transactions do not require any personal information. You need to combine your private key and Bitcoin key to make a transaction.
You just need to make sure that your private key is not accessed by strangers.
This isn’t inflation – as long as the economy isn’t doing well, the Fed will print more dollars. The government has injected the newly created currency into the economy, causing the currency to depreciate, causing inflation. As commodity prices rise, inflation reduces people’s ability to buy things.
The supply of Bitcoin is limited. The system is designed to stop mining more bitcoins when it reaches 21 million bitcoins. This means that inflation will not be a problem, but will cause deflation and commodity prices will fall.
Semi-anonymous operation – Bitcoin is relatively private but transparent. The Bitcoin address is displayed on the blockchain. Anyone can check your wallet, but your name is invisible.
Easy Micropayment Bitcoin allows you to make small payments of 22 cents for free.
An alternative to fiat currency Bitcoin is a good choice for holding a national currency that is subject to capital controls and high inflation.
Bitcoin becomes legal – major institutions like the Bank of England and the Federal Reserve have decided to use Bitcoin for transactions. More and more outlets, such as Reditt, pizza chains, WordPress, Baidu and many other small businesses are now accepting Bitcoin as payment. Many binary trading and currency brokers also allow you to trade with Bitcoin.
Bitcoin is the forerunner of the new cryptocurrency era and with this technology you can take a look at the currency of the future.