Bitcoin is a relatively new type of currency that has just begun to hit the mainstream market.
Critics say using Bitcoin is unsafe –
They have no real value
They are not controlled
They can be used to make illegal transactions
Still all the major market players talk about bitcoin. Below are some good reasons why it is worth using this cryptocurrency.
Quick Payment – When payments are made using a bank, the transaction takes a few days, as does wire transfer. On the other hand, virtual currency bitcoin transactions are usually faster.
“Zero-confirmation” transactions are instantaneous, where traders take risks that are not yet approved by the Bitcoin blockchain. If the merchant’s approval is required, it takes 10 minutes to transact. This is much faster than any interbanking transfer.
Cheap – Credit or debit card transactions are instantaneous, but you are charged a fee for using this privilege. In Bitcoin transactions, the fees are usually lower, and in some cases, it’s free.
No one can snatch it – Bitcoin is decentralized, so no central authority can snatch a percentage from your deposit.
No chargeback – Once you trade bitcoin they go away. You cannot reclaim them without the consent of the recipient. This makes it harder to chargeback fraud, which is often felt by people with credit cards.
People buy the product and if they think it is defective, they contact the credit card agency for a chargeback, effectively reversing the transaction. Credit card companies do this and charge you an expensive chargeback fee of up to-5- $ 15.
Secure personal details – Credit card numbers are stolen during online payments. A Bitcoin transaction does not require any personal details. To make a transaction you need to combine your personal key and bitcoin key.
All you have to do is make sure your private key is not being accessed by strangers.
It’s not inflation – The Federal Reserve prints more dollars, whenever the economy collapses. The government introduces the newly created money into the economy which leads to a decrease in the value of the currency, which in turn leads to inflation. Inflation reduces people’s ability to buy goods because the price of goods increases.
Bitcoin supply is limited. The system was designed to stop further bitcoin mining after reaching 21 million. This means that inflation will not be a problem, but inflation will start, where commodity prices will fall.
Semi-anonymous operation – Bitcoin is relatively personal, but transparent. The address of Bitcoin is revealed in the block-chain. Everyone can see your wallet, but your name will disappear.
Easy Micro-Payment – Bitcoin lets you make micropayments for as little as 22 cents.
Fiat Currency Alternatives – Bitcoins are a good option for controlling capital and keeping national currencies facing high inflation.
Bitcoin legalizing – Major institutions such as the Bank of England and the Fed have decided to take Bitcoin for business. Many more outlets like Reditt, Pizza Chain, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary trading and forex brokers also allow you to trade with bitcoin.
Bitcoin is the pioneer of the new crypto-currency era, the technology that gives you a peek into the currency of the future.