Good reasons to use Bitcoin cryptocurrency
Bitcoin is a relatively new type of currency that has just started hitting mainstream markets.
Critics claim that using Bitcoins is not safe because –
They have no authentic value
They are not regulated
They can be used to carry out illegal transactions
Yet all the major market players are talking about Bitcoins. Below are some good reasons why it is worth using this cryptocurrency.
Fast payment – When payments are made using banks, the transaction takes a few days, similarly wire transfers also take a long time. In contrast, virtual currency Bitcoin transactions are generally faster.
Zero-confirmation transactions are instantaneous, where the trader accepts the risk, which is still not approved by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. It is much faster than any interbank transfer.
Dear- Credit or debit card transactions are instant, but you are charged a fee for using this privilege. In Bitcoin transactions, the fees are usually low and in some cases they are free.
No one can withdraw it – Bitcoin is decentralized, so no central authority can withdraw a percentage of your deposits.
No Chargeback- Once you trade Bitcoins, they disappear. You cannot retrieve them without the recipient’s consent. Thus, it becomes difficult to commit the chargeback fraud, which is often experienced by people with credit cards.
People buy goods and if they find them faulty, they contact the credit card company to issue a chargeback, thus reversing the transaction. The credit card company does this and charges you expensive chargeback fees ranging from $5 to $15.
Secure personal data – Credit card numbers are stolen during online payments. A Bitcoin transaction does not require any personal data. You will need to combine your private key and Bitcoin key to complete a transaction.
You just need to make sure that your private key is not accessible by strangers.
It’s not inflationary – The Federal Reserve prints more dollars each time the economy collapses. The government injects the newly created currency into the economy, causing the value of the currency to fall, thereby triggering inflation. Inflation decreases people’s purchasing power because the prices of goods increase.
Bitcoins are in limited supply. The system was designed to stop mining more Bitcoins upon reaching 21 million. This means that inflation will not be a problem, but deflation will be triggered, where the prices of goods will fall.
Semi-anonymous operations – Bitcoin is relatively private, yet transparent. The Bitcoin address is revealed at the blockchain level. Anyone can look in your wallet, but your name will be invisible.
Easy micro-payments – Bitcoins lets you make micropayments like 22 cents for free.
Substitute for fiat currencies – Bitcoins are a good option for holding national currencies subject to capital controls and high inflation.
Bitcoins become legit – Major institutions like the Bank of England and the Fed have decided to take Bitcoins for trading. More and more outlets like Reditt, pizza chains, WordPress, Baidu and many other small businesses are now accepting bitcoin payments. Many binary and Forex trading brokers also allow you to trade with Bitcoins.
Bitcoin is the pioneer of the new era of cryptocurrency, the technology that gives you a glimpse of the future currency.