Bitcoin is a comparatively new type of foreign currency that has just started to strike the mainstream markets.
Critics state that making use of Bitcoins is unsafe because :
They have no authentic value
They may not be regulated
They can be used to make illegal transactions
Still all the major marketplace players talk about Bitcoins. Below are some really good reasons why it is worth using this crypto currency.
Quick payments – When payments are made by using banks, the transaction takes some days, similarly wire transfers also take a long time. However, 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 the transaction takes 10 minutes. This is a lot more rapid than any inter-banking exchange.
Inexpensive – Credit or debit card transactions are usually instant, but you are charged the fee for using this privilege. Within the Bitcoin transactions, the fees are usually low, and in some cases, it is free.
Nobody can take it away – Bitcoin is definitely decentralized, so no central power can take away percentage from your build up.
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No chargeback – Once you market Bitcoins, they are gone. You cannot reclaim them without the recipient’s consent. Hence, it becomes difficult to commit the chargeback fraud, which is often experienced by individuals with credit cards.
People purchase goods and if they find it defective, they get in touch with credit cards agency to make a chargeback, successfully reversing the transaction. The bank card company does it and charges you with costly chargeback fee which range from $5-$15.
Safe personal details : Credit card numbers get stolen throughout online payments. A Bitcoin transaction does not need any personal details. You will have to combine your private key and the Bitcoin key together to do a transaction.
You just have to ensure that your private key is not accessed by strangers.
It is not inflationary – Federal Book prints more dollars, whenever the economy is sputtering. Government injects the new created money into the economic climate causing a decrease in currency worth, thereby triggering inflation. Inflation decreases people’s power to buy things due to the fact prices of goods increase.
Bitcoins are in limited supply. The system was designed to stop mining more Bitcoins on reaching 21 million. This means that inflation will never be an issue, but deflation will be induced, where prices of goods will drop.
Semi- anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is revealed in the block-chain. Everyone can look in your own wallet, but your name will be unseen.
Easy micro-payments – Bitcoins enables you to make micropayments like 22 cents for free.
Substitute of fiat foreign currencies – Bitcoins are good option to keep national currencies experiencing capital controls, and high inflation.
Bitcoins are becoming legitimate – Major institutions like the Bank of England and Fed have decided to take Bitcoins for investing. More and more outlets like Reditt, Lasagna chains, WordPress, Baidu, and many other small enterprises are now accepting Bitcoin payments. A lot of binary trading and Forex brokers also allow you to trade with the Bitcoins.