Levesque Landry posted an update 2 months ago
Bitcoin is a comparatively new kind of currency that has just began to strike the mainstream markets.
Critics state that using Bitcoins is unsafe because –
They have no authentic value
They are not regulated
They can be used to create illegal transactions
Still all of the major market players talk about Bitcoins. Below are some good reasons why it really is worth by using this crypto currency.
Quick payments – When payments are created by using banks, the transaction takes some days, similarly wire transfers also take a long time. On the other hand, virtual currency Bitcoin transactions are usually more rapid.
"Zero-confirmation" transactions are instantaneous, where the merchant accepts the risk, which is still not approved by Bitcoin block-chain. If the merchant needs an approval, then your transaction takes 10 minutes. That is a lot more rapid than any inter-banking transfer.
Inexpensive – Credit or debit card transactions are instant, but you are charged a charge for by using this privilege. In the Bitcoin transactions, the fees are often low, and in some cases, it is free.
No one can take it away – Bitcoin is decentralized, so no central authority may take away percentage from your own deposits.
No chargeback – As soon as you trade Bitcoins, they are gone. You cannot reclaim them minus the recipient’s consent. Thus, it becomes difficult to commit the chargeback fraud, which is often experienced by people who have credit cards.
People purchase goods and if they think it is defective, they contact bank cards agency to create a chargeback, effectively reversing the transaction. The charge card company does it and charges you with costly chargeback fee ranging from $5-$15.
Safe personal details – Charge card numbers get stolen during online payments. A Bitcoin transaction doesn’t need any personal details. You will have to combine your private key and the Bitcoin key together to accomplish a transaction.
You just have to ensure that your private key is not accessed by strangers.
It is not inflationary – Federal Reserve prints more dollars, whenever the economy is sputtering. Government injects the new created money in to the economy causing a reduction in currency value, thereby triggering inflation. Inflation decreases people’s power to buy things because prices of goods increase.
Bitcoins come in limited supply. The system was made to quit mining more Bitcoins on reaching 21 million. Therefore inflation will not be an issue, but deflation will be triggered, where prices of goods will fall.
Semi- anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is revealed at the block-chain. Everyone can look in your wallet, however your name will be invisible.
Easy micro-payments – Bitcoins enables you to make micropayments like 22 cents for free.
Substitute of fiat currencies – Bitcoins are good option to hold national currencies experiencing capital controls, and high inflation.
Bitcoins are getting legitimate – Major institutions like the Bank of England and Fed have decided to take Bitcoins for trading. Increasingly more outlets like Reditt, Pizza chains, WordPress, Baidu, and several other small businesses are actually accepting Bitcoin payments. Many binary trading and Forex brokers also allow you to trade with the Bitcoins.
Bitcoin is the pioneer of new crypto-currency era, the technology that gives you a peek into future currency.