If you’re still new to Bitcoin and its technology, you may be wondering what’s with all the hype surrounding this digital coin. There are a lot of reasons (aside from its price) that make this cryptocurrency so valuable for so many. Below we will list a few of its benefit should you be interested in using Bitcoin.
It’s fast, secure and global
When sending bitcoins through the network, there is no need for a payment processor to be involved. This means transaction fees are very small.
Being peer to peer also means that the network is not controlled by a central institution or company. There is no need for any kind of permission from anyone to use the Bitcoin network. Anyone from anywhere across the globe can use it.
Also, bitcoins cannot be counterfeited or duplicated like regular money.
Instant online payments
Using bitcoin is the easiest and fastest way you can make payments on the internet. When buying an item that does not require shipping, bitcoin doesn’t require you supply any personal information. Unlike credit card payments, the merchant is receiving a payment rather than charging you.
Privacy and transparency
Bitcoin block explorers display the entire history of transactions that have been using bitcoins for all to see. This transaction history can be accessed by anyone that has access to the internet. While transparency and privacy are quite contradictory terms, in reality the user can choose if they want to be completely transparent with their finances or make them private.
The protocol does not need people to provide personal details or identify themselves in order to perform transactions unlike some businesses that may need this for compliance reasons. Unlike bank account, where their number is limited for one person, you can create and own as many bitcoin wallets as you like.
If you do not have access to a bank account, or you just do not want to do business with banks, Bitcoin allows you to manage your finances without needing interference from a financial institution. Bitcoin owners are free from restrictions, penalties and fees that are commonly imposed by banks, and you can make your own financial decisions.
Bitcoin is also not subjected to inflation. The total number of bitcoins that will ever exist is 21 million, therefore the value will not decrease over a period of time due to an increase in supply.
Reduced risk for merchants
Traditional credit card payments are not only expensive, but they are also open to fraudulent payment reversals and chargebacks. Since payments made with Bitcoin are not reversible, once the transaction has been completed, they can be sure the payment will not be canceled under any circumstance.
Bitcoin is an amazing technology, and whether you use it to purchase something online, or accept payments for your business, or even develop software of your own over the existing network, there is certainly something you can use this cryptocurrency for. Seeing as Bitcoin is still developing, who knows how many new applications and uses based on this technology will appear in the future.