Bitcoin is a relatively new type of currency that is just beginning to hit major markets.
Critics point out that the use of bitcoins is not safe because:
They have no real value
They are not regulated
They can be used to carry out illegal transactions
All the major players in the market are still talking about bitcoins. Here are some good reasons why this cryptocurrency should be used.
Fast payments – When payments are made through banks, the transaction takes several days, just as money transfers take a long time. On the other hand, Bitcoin transactions in virtual currency are generally faster.
“Zero confirmation” transactions are instantaneous, where the trader accepts the risk, which has not yet been confirmed by the Bitcoin blockchain. If the merchant needs confirmation, the transaction takes 10 minutes. This is much faster than any interbank transfer.
cheap – Credit or debit card transactions are instant, but you will be charged for this privilege. In the case of Bitcoin transactions, the fees are usually low and in some cases free.
No one can take it away. Bitcoin is decentralized, so no central government can take away interest on your deposits.
No charge – When you trade bitcoins, they disappear. You can not claim them back without the consent of the recipient. Thus, it is difficult to commit repayment fraud, which is often encountered by people with credit cards.
People buy goods և if they find it defective, they contact the credit card agency for a refund, effectively canceling the transaction. The credit card company does this and charges you an expensive refund of $ 5-15.
Secure personal information – Credit card numbers are stolen during online payments. Bitcoin transaction does not require any personal data. To make a transaction you need to combine your personal key և bitcoin key.
You just have to make sure that your personal key is not accessed by strangers.
It is not inflationary. The Federal Reserve prints more dollars when the economy collapses. The government injects the newly created money into the economy, causing the currency to depreciate, thus causing inflation. Inflation reduces the ability of people to buy things as commodity prices rise.
Bitcoins have a limited supply. The system was designed to stop mining more bitcoins, reaching 21 million. This means that there will be no problem of inflation, but deflation will start, where the prices of goods will decrease.
Semi-anonymous actions – Bitcoin is relatively private but transparent. Bitcoin address is detected in the blockchain. Everyone can look at your wallet, but your name will be invisible.
Easy micro payments – Bitcoins allow you to make free micropayments, such as 22 cents.
Fiat Currency Exchange – Bitcoins are a good way to hold national currencies that have capital controls և high inflation.
Bitcoins are becoming legal. Major institutions, such as the Bank of England and the Fed, have decided to trade bitcoins. More and more companies like Reditt, Pizza Chains, WordPress, Baidu and many other small businesses are now accepting Bitcoin payments. Many binary trades – Forex brokers – allow you to trade bitcoins.
Bitcoin is the pioneer of a new era of cryptocurrency, a technology that allows you to look at the future currency.