Bitcoins is a crypto
currency which is a relatively new form of currency in the modern world. It is
just beginning to get notice in the mainstream still most of the people are
confused about and don’t understand it. Here are some of the reasons which
would compel you to use the bitcoins.
Faster and Swifter than Traditional Currencies
In the traditional
financial systems checks and wire transfers both take considerable before the
transaction are fully completed. Bank generally withholds the checks to make
sure that the funds are readily available in the account while wire transfer
takes much longer.
In case of bitcoins
transfers the process is completely within few minutes. Bitcoin transaction
could be completed within few seconds if the merchant is ready to take the risk
of confirming the transaction before it is confirmed by the blockchain or it
will take ten minutes. This shows that it is faster than the inter-bank
transfers.
Cheap Due To Minimal Charges
Bitcoins transaction
fees are set at minimal and in some cases it is completely free. You will see
this feature while dealing with the banks that tends cut back higher percent as
their swipe fees or service charges.
Government Can’t Take Your Money
If the central is in
need of money, they could take away your money for funding the nation. Which
means that they would be taking a direct cut from your accounts, such incident
had happened in the past in Cyprus in March 2013. The traditional financial
systems are centralized while the bitcoin currency is decentralized which
essentially you own it. No central authority have any control over it therefore
a bank can’t take away your bitcoins from you.
No Feature Of Chargeback
Bitcoin network doesn’t
have the system of charge-back which means that once the bitcoins are sent, they
are gone. A person who had already sold its bitcoins could not simply retrieve
it back without the recipient’s consent. This feature makes it extremely
difficult to commit any kind of fraud which are often seen with the use of
credit cards wherein people make a purchase and contact the credit card company
for making a cashback, reversing the transaction.
It is Extremely Private In Nature
Bitcoin is relatively a
private currency. It is transparent due to the presence of a blockchain which
record each and every bitcoin transaction and displays the content in a public
ledger wherein it shows how much a particular bitcoin is holding. But no one
knows who hold a particular bitcoin address. This gives the much needed anonymity
and privacy to the user.
You Own It In Reality
Bitcoins brings a
distinguished currency system wherein you own your account and its fund in
reality. PayPal is electronic cash system wherein if the company decides that
your account has been misused, then it posses the power to freeze all your
assets without consulting you. You would be required go through a lengthy to
get access to your funds. In Bitcoins you own the private key and no one can
take what is yours unless you lose your wallet r misplace your private key.
These reasons are
enough to compel you to buy bitcoins
and feel the difference it can make in making your transactions with ease and
grace.
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