Bitcoin is a comparatively new type of currency that has just started to strike the particular mainstream markets.
Critics state that using Bitcoins is unsafe because —
They have no authentic value
They may not be regulated
They can be used to make unlawful transactions
Still all the major marketplace players talk about Bitcoins. Below are some 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 cable transfers also take a long time. However, virtual currency Bitcoin transactions are usually more rapid.
“Zero-confirmation” transactions are fast, 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. This is much more rapid than any inter-banking exchange.
Inexpensive – Credit or debit card transactions are instant, but you are charged the fee for using this privilege. Within the Bitcoin transactions, the fees are often low, and in some cases, it is free.
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No one can take it away – Bitcoin can be decentralized, so no central authority can take away percentage from your deposit.
No chargeback – Once you buy and sell Bitcoins, they are gone. You cannot claim back 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 contact credit cards agency to make a chargeback, efficiently reversing the transaction. The credit card company does it and charges a person with costly chargeback fee ranging from $5-$15.
Safe personal details — Credit card numbers get stolen during online payments. A Bitcoin deal does not need any personal details. You will need to combine your private key as well as 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 because prices of goods increase.
Bitcoins are usually in limited supply. The system was designed to stop mining more Bitcoins on reaching 21 million. This means that inflation will not be an issue, but deflation will be activated, where prices of goods will fall.
Semi- anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is revealed on the block-chain. Everyone can look in your wallet, but your name will be invisible.
Easy micro-payments – Bitcoins allows you to make micropayments like 22 mere cents for free.
Substitute of fiat currencies – Bitcoins are good option to hold national currencies experiencing capital controls, and high inflation.
Bitcoins are becoming legitimate – Major institutions such as the Bank of England and Given have decided to take Bitcoins for trading. More and more outlets like Reditt, French fries chains, WordPress, Baidu, and many other smaller businesses are now accepting Bitcoin payments. Several binary trading and Forex brokers also allow you to trade with the Bitcoins.