Thank you for taking the time to read my post. Bitcoin is a pretty new type of currency which is gaining acceptance, but most people yet do not know why they need to take time to make use of it. In this article I will be discussing why using bitcoin is beneficial and why more people should start using them.
Why use bitcoin? Listed here are reasons why it is worth spending time to participate in this digital currency.
It is fast
Whenever you pay a cheque from a different bank to your bank, the bank tends to hold the money for many days. Likewise, international wire transfers will take a long time. Bitcoin trades, however, are faster. Transactions can be immediate or they may take longer depending on the transaction to be verified.
It is cheap
Your credit card trades are immediate but you pay for that advantage. Some retailers will impose money for debit card trades as well, since they must pay a ‘swipe fee’ for satisfying them. Bitcoin transaction charges are nominal in comparison.
There are no chargebacks
After bitcoins are sent, they are gone. Someone who sent bitcoins can’t attempt to get them without the recipient’s permission. This makes it hard to commit the type of fraud that we regularly see with credit cards.
People cannot steal your payment data from retailers
Most internet transactions nowadays are made through credit cards. You to provide all your details into a website form. It is difficult to consider a less safe method to do business online. This is a reason credit card numbers continue to be stolen.
It is not inflationary
The challenge with normal currency is that central banks can print more of it making the value go down. If there are inadequate US dollars to repay the country debt, the Federal Reserve can easily print more. If the economic system is sputtering, the government may take recently produced money and put it into the economy. Inflation is not easy to deal with, and can affect people’s purchasing ability. Bitcoin is built to have an optimum number of coins. Just twenty one million will be actually produced. This indicates afterwards, the amount of bitcoins will not increase, so inflation won’t be an issue.
It is as private as you wish.
At times, we don’t want anyone to know what we have bought. Bitcoin is a comparatively private currency. On the other hand, it is transparent and everybody knows the amount a selected bitcoin address holds. They know where those purchases originated from, and where they are sent. However, compared to common bank accounts, nobody knows who keeps a certain bitcoin address.
You own it
There is no other electronic money system where your account is not owned by another person. If an organization like a bank decides, it has the ability to freeze all the possessions kept in your account. It is then your problem to access your assets. With bitcoin, you own the personal key and the respective public key which makes up a bitcoin address. Nobody can take that from you except if you lose it by yourself.
There are lots of reasons that bitcoin is useful. We should all be using bitcoins at some point and the excitement right now is discovering new ways that everyone can.