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Bitcoin is a relatively new type of currency that has only just started to hit the mainstream market.
Critics claim Bitcoin is unsafe to use because –
- They have no real value
- They are not regulated
- They can be used to conduct illegal transactions
Still, all of the major players in the market are talking about Bitcoin. Below are some great reasons why this cryptocurrency is worth using.
Fast payments – When paying by bank, transactions take several days and transfers take longer. On the opposite hand, Bitcoin virtual currency transactions are generally faster.
The “zero confirmation” transaction takes place immediately, in which the merchant takes the risk that the Bitcoin blockchain blockchain has not yet agreed to. If the merchant needs approval, the transaction takes 10 minutes. This is much faster than interbank transfers.
Inexpensive – Instant credit or debit card transactions, but you will be billed for using this privilege. For Bitcoin transactions, the fees are usually low and in some cases free.
Nobody can take it away – Bitcoin is decentralized, so no central authority can take over a percentage of your deposits.
No chargebacks – once you start trading bitcoins, bitcoins are gone. You cannot reclaim it without the recipient’s consent. As a result, it becomes difficult to commit chargeback fraud, which is often experienced by those with credit cards.
People buy things and if they find it damaged they turn to the credit card agent for a chargeback that effectively reverses the transaction. Credit card companies do this and charge you expensive chargeback fees of between $ 5 and $ 15.
Secure personal information – credit card number stolen while paying online. Bitcoin transactions don’t require any personal information. You need to combine your private key and your Bitcoin key to complete a transaction.
You just have to make sure that no stranger is accessing your private key.
This is not inflation – the Federal Reserve prints more dollars every time the economy falters. The government injects newly created money into the economy, causing the currency to devalue, causing inflation. Inflation reduces people’s purchasing power because goods prices rise.
Bitcoins in limited quantities. The system is designed to stop mining more bitcoins when it hits 21 million. This means that inflation is not a problem, but it does set off deflation which causes commodity prices to fall.
Semi-anonymous operation – Bitcoin is comparatively private, but transparent. Bitcoin addresses are disclosed in the blockchain. Everyone can see your wallet, but your name is not visible.
Easy Micropayments – Bitcoin allows you to make micropayments like 22 cents for free.
Replacement for fiat currency – Bitcoin is a great choice for holding national currencies that are subject to capital controls and high inflation.
Bitcoin Goes Legal – Large institutions like the Bank of England and the Fed have decided to use Bitcoin for trading. More and more outlets like Reditt, Pizza Chain, WordPress, Baidu, and lots of other small businesses are now accepting Bitcoin payments. Many binary trading and forex brokers also allow you to trade Bitcoin.
Bitcoin pioneered a new era in cryptocurrencies, a technology that gives you an idea of the currency of the future.
At ForexMinute, we offer accurate reviews of the top brokers you can trade Bitcoin with on their platform. You can also access some of the most helpful tools online for making smart trading decisions.