Bitcoin is a relatively new type of currency that has just begun to appear on the mass markets.
Critics say the use of bitcoins is not safe because –
They have no authentic value
They are not regulated
They can be used to make illegal transactions
All the major players in the market are still talking about bitcoins. Below are some good reasons why it is worth using this cryptocurrency.
Fast payments – When payments are made using banks, the transaction takes several days, similarly bank transfers also take a long time. On the other hand, bitcoin transactions with virtual currency are usually faster.
“Zero Confirmation” transactions are instantaneous when the trader assumes a risk that has not yet been approved by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. This is much faster than any interbank transfer.
Cheap – Credit or debit card transactions are immediate, but you will be charged for using this privilege. Bitcoin transactions are usually low and in some cases free.
No one can take it away – 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 request them back without the consent of the recipient. This makes it difficult to commit a fraud with a refund, which is often encountered by people with credit cards.
People buy goods and if they find that they are defective, they contact the credit card agency to cancel the payment, effectively returning the transaction. The credit card company does this and charges you an expensive refund fee ranging from $ 5- $ 15.
Secure personal data – Credit card numbers are stolen during online payments. Bitcoin transaction does not require any personal data. You will need to combine your private key and bitcoin key together to complete the transaction.
You just need to make sure that your private key is not accessible by strangers.
Not inflationary – The Federal Reserve prints more dollars as the economy disperses. The government injects the newly created money into the economy, which reduces the value of the currency, thus causing inflation. Inflation reduces people’s ability to buy things because commodity prices rise.
Bitcoins are in limited quantities. The system is designed to stop digging for more bitcoins when it reaches 21 million. This means that inflation will not be a problem, but deflation will be triggered, in which commodity prices will fall.
Semi-anonymous operations – Bitcoin is relatively private but transparent. The bitcoin address is revealed in the blockchain. Anyone can search your wallet, but your name will be invisible.
Easy micropayments – Bitcoins allow you to make micropayments like 22 cents for free.
Substitute for fiat currencies – Bitcoins are a good option for holding national currencies that are experiencing capital controls and high inflation.
Bitcoins are becoming legitimate – Large institutions such as the Bank of England and the Fed have decided to take bitcoins for trading. More and more retailers such as Reditt, Pizza, WordPress, Baidu and many other small businesses are now accepting bitcoin payments. Many binary traders and Forex brokers also allow you to trade bitcoins.
Bitcoin is the pioneer of the new era of cryptocurrency, a technology that gives you a glimpse into the future currency.