Bitcoin is a relatively new type of currency that has just begun to enter traditional markets.
Critics argue that the use of bitcoins is dangerous because:
They have no true value
They are not regulated
They can be used to make illegal transactions.
However, all the major players in the market are talking about bitcoins. Here are some good reasons why you should use this cryptocurrency.
Fast payments – when payments are made through banks, the transaction takes several days and bank transfers take a long time. On the contrary, bitcoin transactions in virtual currencies usually run faster.
No confirmation transaction is executed immediately and the seller assumes a risk that is still not approved by the Bitcoin blockchain. If the seller needs approval, the exchange will take 10 minutes. This is much faster than any interbank translation.
Cheap – credit or debit card transactions are instantaneous, but you’ll be charged for using this privilege. In bitcoin transactions, the commission is usually low and in some cases free.
No one can take it away – Bitcoin is decentralized, so no central body can withdraw interest from your deposits.
No refunds – once you trade bitcoins, they disappear. You cannot receive them without the recipient’s consent. Thus, it becomes difficult to commit a refundable payment scam, which often affects people with credit cards.
People buy products, and if they find that they are faulty, they contact the credit card bureau to issue a refund, thereby cancelling the transaction. The credit card company does this and charges you an expensive refund fee of $5 to $15.
Secure personal information – credit card numbers are stolen during online payments. No personal information is required for a Bitcoin transaction. You need to combine your private key and bitcoin key together to complete the transaction.
You just need to make sure your private key is not available to outsiders.
It’s not inflation – the Federal Reserve prints more dollars when the economy collapses. The government introduces newly created money into the economy, which leads to a fall in the value of the currency, causing inflation. Inflation reduces people’s ability to buy things as commodity prices rise.
Bitcoins are available in limited quantities. The system is designed to stop bitcoin mining when it reaches 21 million. This means that inflation will not be a problem, but deflation will be triggered when commodity prices fall.
Semi-animimic operations – Bitcoin is relatively private but transparent. Bitcoin address leaked into the blockchain. Anyone can look into your wallet, but your name won’t be visible.
Simple micropayments – with bitcoins you can make free micropayments, for example, 22 cents.
Replacing fiat currencies – bitcoins – is a great option for storing national currencies with capital controls and high inflation.
Bitcoins are becoming legitimate – large institutions, such as the Bank of England and the Fed, have decided to trade bitcoins. More and more outlets such as Reditt, Pizza Chains, WordPress, Baidu and many other small businesses are now accepting payments in bitcoins. Many binary and forex brokers also allow you to trade with bitcoins.
Bitcoin is a pioneer of a new era of cryptocurrency, a technology that gives you an idea of future currencies.