Good Reasons to Use Crypto-Currency Bitcoin
Posted On June 18, 2020
Bitcoin is a comparatively new type of currency which has just begun to hit the mainstream markets.view publisher site
Critics say Bitcoins is unsafe to use, because-
They have no genuine value
They don’t have regulations
They can be used to export illegally
Still all the major players on the market are talking about Bitcoins. Below are some good reasons why this crypto-currency is worth using.
Quick Payments-The transaction takes a few days when payments are made using banks, similarly wire transfers take a long time as well. On the other hand, Bitcoin transactions in virtual currency are generally quicker.
“Zero-confirmation” transactions are instantaneous, where the merchant accepts the risk which Bitcoin block-chain still does not approve. If the merchant needs an approval then it takes 10 minutes to complete the transaction. That is much faster than any inter-bank transfer.
Inexpensive-Purchases with a credit or debit card are free, but you are paid a fee for using this right. The fees are typically small in the Bitcoin transactions, and in some cases, they are optional.
No one can take it away-Bitcoin is decentralized so no central authority can take the percentage of your deposits away.
No chargeback-They ‘re gone until you sell Bitcoins. You can’t reclaim them without the consent of the receiver. Thus, the chargeback fraud which is often experienced by people with credit cards becomes difficult to commit.
People buy goods and if they find it defective, they contact credit card agency to make a chargeback and reverse the transaction effectively. The credit card company does so and bills you with expensive $5-$15 chargeback fee.
Secure personal information-Credit card numbers are compromised while paying online. No personal details are required of a Bitcoin transaction. To do a transaction, you’ll need to combine your private key and the Bitcoin key.
You just have to ensure that strangers don’t access your private key.
It’s not inflationary-If the economy sputters, the Federal Reserve prints more dollars. The government injects the newly created money into the economy, which causes currency value to decline and thus triggers inflation. Inflation diminishes the ability of people to buy products as consumer prices increase.
Bitcoins are only available in limited supply. The program was built on hitting 21 million to stop mining more Bitcoins. This means that inflation will not be a problem, but will trigger deflation where goods prices will fall.
Semi-anonymous operations-Bitcoin is fairly private, but transparent in nature. At the block-chain the Bitcoin address is shown. All in your wallet will look but your name will be invisible.
Easy micro-payments-Bitcoins enables you to make free micro-payments, like 22 cents.
Replacement of fiat currencies-Bitcoins are a good option to hold high inflation and capital-controlled national currencies.
Bitcoins are becoming legal-Large institutions such as the Bank of England and Fed have decided to take Bitcoins for business. More and more outlets are now accepting Bitcoin payments like Reditt, Pizza chains, WordPress, Baidu and many other small businesses. Many binary trading brokers and Forex also allow you to trad with the Bitcoins.
Bitcoin is the pioneer of the new era of crypto-currency, the technology that will give you a glimpse into future currency.