Bitcoin is cryptocurrency that came into circulation just a few years ago. Some critics call Bitcoin unsafe to trade form of currency due to the facts that it has no authentic value, can be used to make illegal transactions and there is no regulatory authority to keep it under control.
Despite above-mentioned concerns, the interest in bitcoin from different corporations keeps growing each day. Let’s take a look at some of the good reason as to why using Bitcoin value is a good idea.
GOOD REASONS TO USE BITCOIN:
How to use Bitcoin?
Payments Are Quick:
The transactions made through banks or wire transfer are often slow and take several days to complete. On the other hand, Bitcoin transactions are instantaneous and take seconds to a few minutes to complete.
Usually, Bitcoin transactions are categorized into two types: zero confirmation and the transaction in which the merchant needs approval.
Zero confirmation transactions complete within a few seconds. However, the transaction with merchant’s approval may take up to 10-15 minutes to complete; which is still pretty quick compared to traditional transactions.
When it comes to making quick transactions, one might say “credit/debit card transactions are also quick, so why use Bitcoin?”
The answer is that to buy bitcoins with credit/debit card charge a certain fee for using this service. On the other hand, Bitcoin transactions are quick and charges involved are extremely low.
No Chargeback Frauds:
With bitcoins, the sender cannot reclaim the coins without the consent of recipient which ultimately eliminates the chargeback fraud - a fraud which is pretty common for credit/debit card users.
What happens in this fraud is that people purchase an item and if it turns out to be defective, they get in touch with credit card agency and ask for a chargeback, which effectively reverses the transaction.
Personal Details Safety:
Credit card numbers are always at the risk of getting stolen during an online transaction. On the other hand, Bitcoin transitions are theft-proof. All that is needed to complete a transaction is to match Bitcoin key with your private key and you are good to go.
Bitcoin Is Not Inflationary:
Whenever the economy is sputtering, the government prints new currency and injects it into the economy to strengthen it. The approach results in inflation. However, such is not the case with Bitcoin. The currency is finite and designed to reach no more than 21 million coins before the year 2140.
This means the more people use this currency, the more it appreciates in value.
These are some major reasons as to why you should use bitcoins value 2017 instead of credit/debit card to trade. Some more reasons to justify the bitcoin usage are:
- All transactions are stored in a ledger called “Blockchain”. The ledger can be accessed by anyone, keeping the transactions transparent.
- Micropayment like 22 cents are free
- Numerous major corporations like Reddit, Pizza Chains, Bank of England and Fed, WordPress, etc. are now accepting bitcoin payments.
In conclusion, bitcoin is extremely secure compared to traditional currency. The use of Bitcoin is increasing each day and it’s pretty safe to say that future belongs to Bitcoin - the most popular digital currency out there.