Bitcoin is a relatively new type of currency that has just begun to play in the major markets.
Critics say that using Bitcoins is not safe because –
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They have no real value
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They are not regulated
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They can be used for illegal transactions
However, all the major players in the market are talking about Bitcoins. Below are some good reasons to use this cryptocurrency.
Fast Payments – When payments are made using banks, the transaction takes a few days, and the wire transfer takes a long time. On the other hand, Bitcoin transactions in virtual currency are generally faster.
“Zero-affirmation” transactions are immediate, where the trader accepts the risk, which is not yet supported by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. This is much faster than any bank transfer.
Cheap – Credit or debit card transactions are immediate, but you are charged a fee for using this privilege. In Bitcoin transactions, the fees are usually low, and in some cases, it’s free.
No one can remove it – Bitcoin is decentralized, so no central authority can deduct a percentage of your deposits.
No refunds – Once you exchange Bitcoins, they disappear. You cannot recover them without the consent of the recipient. This makes it difficult for people with credit cards to commit fraud in return for the charges they often face.
People buy the goods and if they see the defect, they contact the credit card agency to make a refund, returning the transaction efficiently. It is done by your credit card company and charges you an expensive $ 5- $ 15 chargeback.
Secure personal data – They steal credit card numbers from online payments. A Bitcoin transaction does not require any personal data. You will need to combine your private key and Bitcoin key together to complete a transaction.
You need to make sure that your private key is not accessed by strangers.
Non-inflationary – The Federal Reserve prints more dollars each time the economy is sputtering. The newly created government injects money into the economy, causing a reduction in the value of the currency, causing inflation. Inflation reduces people’s ability to buy things because the price of goods goes up.
Bitcoins supply is limited. The Bitcoins system was designed to stop further mining by reaching 21 million. This means that inflation will not be a problem, but will deflate, where commodity prices will fall.
Semi-anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is shown in the blockchain. Everyone can look in your wallet, but your name will be invisible.
Easy micro payments – Bitcoins allow you to make micro-payments like 22 cents for free.
Fiat currency substitutes – Bitcoins are a good option for national currencies that suffer from capital controls and have high inflation.
Bitcoin is becoming legal – Major institutions such as the Bank of England and the Fed have decided to take Bitcoins for trading. Bitcoin outlets like Reditt, Pizza Chains, WordPress, Baidu and many other small businesses now support Bitcoin payments. Many binary trading and Forex brokers also allow you to trade with Bitcoin.
Bitcoin is a pioneer of the new era of cryptocurrency, a technology that gives you a look at the currency of the future.