Bitcoin is a relatively new type of currency that has only just begun to appear in mainstream markets.
Critics say using Bitcoin is not safe because –
- They have no authentic value
- They are not regulated
- They can be used to conduct illegal transactions
All the major players in the market are still talking about Bitcoins. Here are some good reasons why it pays to use this cryptocurrency.
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Quick Payments – When payments are made through banks, the transaction takes several days, much like bank transfers take a long time. On the other hand, transactions in the virtual currency Bitcoin are generally faster.
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“Zero Confirmation” transactions are instantaneous, with the trader accepting a risk that has not yet been approved by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. This is much faster than any interbank transfer.
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Cheap – Credit or debit card transactions are current, but you will be charged a fee for using this privilege. In Bitcoin transactions, fees are usually low and in some cases free.
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No one can take it away – Bitcoin is decentralized, so no central government can take away a percentage of your deposits.
No refund – Once you trade Bitcoins, they disappear. You cannot return them without the consent of the recipient. Therefore, it becomes difficult to commit money back fraud, which is often experienced by people with credit cards.
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People buy goods and if they find that they are defective, they contact a credit card agency to make a cancellation, effectively canceling the transaction. The credit card company does this and charges you an expensive refund fee ranging from $ 5 to $ 15.
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Secure personal information – Credit card numbers are stolen during online payments. Bitcoin transactions do not require any personal information. You will need to combine your private key and Bitcoin key together to complete the transaction.
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You just have to make sure that your private key is not accessed by strangers.
Not inflationary – The Federal Reserve prints more dollars whenever the economy is dispersed. The government is injecting newly created money into the economy, causing the currency to depreciate, causing inflation. Inflation reduces the power of people to buy things as commodity prices rise.
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Bitcoins are in limited supply. The system is designed to stop mining more Bitcoin when it reaches 21 million. This means that inflation will not be a problem, but deflation will be triggered, where commodity prices will fall.
Semi-anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is revealed on the blockchain. Anyone can look in your wallet, but your name will be invisible.
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Easy micro payments – Bitcoins allow you to make free micropayments like 22 cents.
Replacement for fiat currency – Bitcoins are a good option for holding national currencies that are experiencing capital control and high inflation.
Bitcoins are becoming legitimate – Major institutions such as the Bank of England and the Fed have decided to take bitcoins for trading. More and more outlets such as Reditt, pizza chains, WordPress, Baidu and many other small businesses are now accepting Bitcoin payments. Many binary and Forex brokers also allow you to trade bitcoins.
Bitcoin is a pioneer of a new era of cryptocurrencies, a technology that allows you to peek into a future currency.