Bitcoin is a relatively new type of currency that has just begun to enter major markets.
Critics say the use of bitcoins is dangerous because –
They have no real value
They are not regulated
They can be used to make illegal transactions
Still, all the major market players are talking about bitcoin. Here are some good reasons why you should use this cryptocurrency.
Quick Payments – If payments are made through banks, the transaction takes several days, also bank transfers also take a long time. On the other hand, transactions with the Bitcoin virtual currency tend to be faster.
“Zero Confirmation” transactions are instantaneous when a trader accepts a risk that has not yet been approved by the Bitcoin blockchain. If the seller requires approval, the transaction takes 10 minutes. This is much faster than any interbank transfers.
Inexpensive – Credit or debit card transactions are made instantly, but you will be charged for using this privilege. In transactions with bitcoins, the commission is usually low, and in some cases it is free.
No one can take it – bitcoin is decentralized, so no central authority can take a percentage of your deposits.
No refund – Once you trade bitcoins, they are gone. You cannot return them without the consent of the recipient. Thus, it becomes difficult to commit fraud with a refund, which is often faced by people with credit cards.
People purchase the goods, and if they find it defective, they turn to a credit card agency to make a refund, effectively canceling the transaction. The credit card company does this and charges you an expensive refund fee in the range of $ 5 to $ 15.
Secure personal information – 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 together to make a transaction.
You just have to make sure that your private key is not accessible to outsiders.
It’s not inflationary – The Federal Reserve prints more dollars every time the economy weakens. The government is introducing new money into the economy, causing the currency to depreciate, thereby causing inflation. Inflation reduces the ability of people to buy things because commodity prices are rising.
Bitcoins in limited quantities. The system was designed to stop bitcoin mining when it reached 21 million. This means that inflation will not be a problem, but deflation will work, at which commodity prices will fall.
Semi-anonymous operations – Bitcoin is relatively private but transparent. The bitcoin address is specified in the blockchain. Everyone can look in your wallet, but your name will be invisible.
Easy micropayments – Bitcoins allows you to make free micropayments worth 22 cents.
Substitute for fiat currencies – Bitcoins are a good option for storing national currencies that are experiencing capital controls and high inflation.
Bitcoins are becoming legitimate – Major institutions such as the Bank of England and the Fed have decided to take bitcoin for trading. More and more outlets such as Reditt, Pizza, WordPress, Baidu and many other small businesses are now accepting payments in bitcoins. Many binary traders and forex brokers also allow you to trade bitcoin.
Bitcoin is a pioneer of a new era of cryptocurrency, a technology that allows you to look into the future currency.