Bitcoin is a comparatively new type of currency that has just started to hit the mainstream markets.

Critics claim that using Bitcoins is not safe because:

  • They have no real value.

  • they are not regulated

  • They can be used to carry out illegal transactions.

Still all the major players in the market talk about Bitcoins. Below are some good reasons why this crypto currency is worth using.

Quick payments – When payments are made through banks, the transaction takes a few days, similarly, electronic transfers also take a long time. On the other hand, Bitcoin virtual currency transactions are generally faster.

“Zero confirmation” transactions are instantaneous, where the merchant accepts the risk, which is not yet approved by the Bitcoin blockchain. If the merchant needs an approval, the transaction takes 10 minutes. This is much faster than any interbank transfer.

Cheap – Credit or debit card transactions are instant, but there is a fee for using this privilege. In Bitcoin transactions, the fees are usually low and in some cases it is free.

No one can take it away: Bitcoin is decentralized, so no central authority can take a percentage of your deposits from you.

No chargeback – Once you trade Bitcoins, they are gone. You cannot claim them without the consent of the recipient. Thus, it becomes difficult to commit chargeback fraud, which is often experienced by people with credit cards.

People buy products, and if they find them faulty, they contact the credit card agency for a chargeback, effectively reversing the transaction. The credit card company does this and charges you an expensive chargeback fee ranging from $5 to $15.

Secure Personal Data – Credit card numbers are stolen during online payments. A Bitcoin transaction does not need any personal data. You will need to combine your private key and Bitcoin key to make a transaction.

You just need to make sure that strangers don’t get access to your private key.

It is not inflationary The Federal Reserve prints more dollars, every time the economy falters. The government injects the newly created money into the economy causing a decrease in the value of the currency, which triggers inflation. Inflation decreases people’s power to buy things because the prices of goods increase.

Bitcoins have a 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, but transparent. The Bitcoin address is revealed in the blockchain. Everyone can look in your wallet, but your name will be invisible.

Easy micropayments – Bitcoins allow you to make micropayments like 22 cents for free.

Fiat Currency Substitute – Bitcoins are a good option for holding national currencies that experience capital controls and high inflation.

Bitcoins are getting legit – Major institutions like the Bank of England and the Fed have decided to accept Bitcoins for trading. More and more outlets like Reditt, pizza chains, WordPress, Baidu, and many other small businesses now accept Bitcoin payments. Many Forex and binary trading brokers also allow you to trade Bitcoins.

Bitcoin is the pioneer of the new era of cryptocurrencies, the technology that allows you to glimpse the currencies of the future.

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