Bitcoin is a relatively new type of currency that has just begun to conquer major markets.
Critics claim that using Bitcoin is unsafe because:
They have no real value
They are not regulated
They can be used to make illegal transactions.
All major market players are still talking about bitcoins. Below are some good reasons why you should use this cryptocurrency.
Fast payouts – When payments are made through banks, the transaction takes several days, similarly bank transfers also take a long time. On the other hand, Bitcoin virtual currency transactions are usually faster.
Zero Confirmation transactions are instant, with the seller taking on a risk that has not yet been approved by the Bitcoin blockchain. If the seller requires approval, then the transaction takes 10 minutes. It is much faster than any interbank transfer.
Inexpensive – Credit or debit card transactions are instant, but there is a fee to use this privilege. In bitcoin transactions, the fees are usually low, and in some cases, they are free.
Nobody Can Take It – Bitcoin is decentralized, so no central authority can take interest on your deposits.
No chargeback – Once you start trading bitcoins, they will disappear. You cannot return them without the consent of the recipient. Thus, it becomes difficult to commit the chargeback fraud that people with credit cards often face.
People buy goods, and if they find they are defective, they contact the credit card agency to make a chargeback, which will effectively reverse the transaction. The credit card company does this and charges you an expensive chargeback fee of $ 5 to $ 15.
Safe personal data – Credit card numbers are stolen during online payments. Bitcoin transaction does not require any personal data. To complete a transaction, you will need to combine your private key and bitcoin key.
You just need to make sure that your private key is not accessible to outsiders.
It’s not inflationary – The Federal Reserve prints more dollars whenever the economy crashes. The government injects newly created money into the economy, causing a decline in the value of the currency, thereby causing inflation. Inflation reduces people’s ability to buy things because the prices of goods rise.
The amount of bitcoins is limited. The system was designed to stop mining bitcoin when it reaches 21 million. This means that inflation will not be a problem, but deflation will be triggered when commodity prices fall.
Semi-anonymous operations – Bitcoin is relatively private but transparent. The Bitcoin address is revealed on the blockchain. Anyone can look into your wallet, but your name will not be noticed.
Convenient micropayments – Bitcoins allow micropayments like 22 cents for free.
Substitute for fiat currencies – Bitcoins are a good option for storing national currencies experiencing capital restrictions and high inflation.
Bitcoins Become Legal – Large institutions like the Bank of England and the Fed have decided to use bitcoins for trading. More and more retail outlets such as Reditt, Pizza chains, WordPress, Baidu and many other small businesses now accept Bitcoin payments. Many binary trading and Forex brokers also allow you to trade bitcoin.
Bitcoin is the pioneer of the new era of cryptocurrencies, a technology that gives you a glimpse into the future of currency.