Bitcoin is a relatively new type of currency that has just begun to hit the major markets.
Critics say that using Bitcoins is not safe because –
They have no real value
They are not regulated
They can be used to make illegal transactions
However, all the major market players are talking about Bitcoins. Below are some good reasons why you should use this cryptocurrency.
Fast payments – When payments are made using banks, the transaction takes a few days, likewise the wire transfer also takes a long time. On the other hand, virtual currency Bitcoin transactions are generally faster.
“Zero-affirmation” transactions are immediate, where the trader accepts the risk, which is not yet supported by the Bitcoin blockchain. If the trader 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 are charged a fee for using this privilege. In Bitcoin transactions, fees tend to be low, and in some cases, it’s free.
No one can remove it – Bitcoin is decentralized, so no central authority can deduct a percentage of your deposits.
No refunds – Once you exchange Bitcoins, they disappear. You cannot recover them without the permission of the recipient. This makes it difficult for people with credit cards to commit the fraudulent charge return fraud.
People buy the goods and if they see the defect, they contact the credit card agency to make a refund, effectively returning the transaction. It is done by a credit card company and charges you an expensive charge of $ 5- $ 15.
Secure personal data – They steal credit card numbers from online payments. A Bitcoin transaction does not require personal data. You will need to combine your private key and Bitcoin key together to make a transaction.
You need to make sure that your private key is not accessed by strangers.
Non-inflationary – The Federal Reserve prints more dollars each time the economy is sputtering. The money that the government has just created enters the economy, causing a reduction in the value of the currency, causing inflation. Inflation reduces people’s ability to buy things because the price of goods goes up.
The supply of bitcoins is limited. The Bitcoins system was designed to stop mining more when it reached 21 million. This means that inflation will not be a problem, but rather that deflation will ignite, where commodity prices will fall.
Semi-anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is shown in the blockchain. Everyone can look in your wallet, but your name will be invisible.
Easy micro payments – Bitcoins allow you to make micro-payments like 22 cents for free.
Fiat currency substitutes – Bitcoins are a good option for national currencies that suffer from capital controls and have high inflation.
Bitcoin is becoming legal – Major institutions like the Bank of England and the Fed have decided to take Bitcoins for trading. More outlets like Reditt, Pizza Chains, WordPress, Baidu and many other small businesses now support Bitcoin payments. Many binary trading and Forex brokers also allow you to trade with Bitcoin.
Bitcoin is a pioneer of the new era of cryptocurrency, a technology that gives you a look at the currency of the future.