Ever thought about the pros of bitcoins? Ever thought about why people are using Bitcoin so often when doing online shopping? It seems that a huge number of people and companies are using it as their primary payment method for many reasons.
Bitcoin represents the decentralized virtual money that can be transferred from one person to another on peer-2-peer without involving any third party. All the transactions are documented in the blockchain, which is a publicly distributed ledger and is verified through network nodes.
The reason why Bitcoin has gained so much popularity is that there is a number of benefits associated with using Bitcoin as a payment mode. In this post, you will learn about the possible advantages of Bitcoin and why you must consider using Bitcoin for making payments whenever needed.
The primary advantages of using Bitcoin
1- Transactions done with Bitcoin do not include banking charges
Credit: Google
The biggest benefit of using Bitcoin as a payment mode is that the transactions with it do not incur banking charges. It means that, if you wish to buy a gift card on Coingate thru Bitcoin, you can do it without paying any banking charges. It means that there will be no minimum balance fee or maintenance and overdraft costs, returned deposit fees, and so forth.
Also Read: 6 Popular Types of Cryptos and How They Work
2- Low transaction fee for international payments through Bitcoin
What is interesting to know when it comes to fees is that payment through Bitcoin includes low transaction fees for international payments. Here is the thing foreign purchases and typical wire transfers involve exchange fees and costs.
As Bitcoin does not include the involvement of the government and intermediary institutions fee of transaction, in comparison to the transactions for the bank transfers are low. For instance, it is the biggest plus point for travelers. There is no secret that the transfer of Bitcoin is faster. Therefore, it eliminates the inconvenience of waiting time and typical authorization needs.
Also Read: Top 10 Cryptocurrencies to Buy for Short-Term Investments
3- The transactions are secure and mobile
Credit: Google
In addition to the low cost of transactions, it is also known that Bitcoin transactions are secure and mobile. When it comes to flexibility, as with many other kinds of virtual payment systems, Bitcoin users are able to buy their coins anywhere with the help of the internet. It means that the buyers aren’t needed to go to the local store or bank to buy the product.
Unlike other payments made with US bank accounts or credit cards, there is no need for personal details in order to finish the transactions. What is important thing is that Bitcoin is not physical money. For that reason, it is not possible for burglars to pass off the holder. Only cybercriminals can steal crypto if they are knowledgeable about the private keys for the wallet. Nevertheless, with good security, it is not at all possible to rob Bitcoin.
4- The transactions with bitcoins are Pseudonymous and P2P
Credit: Google
In addition to all the pros that are mentioned above, bitcoins transactions are pseudonymous. It means that they are not fully anonymous, the transactions are able to be recognized by using the blockchain address. Thus, a person is able to have a number of addresses and many passwords and usernames for just a single account.
It is also vital to know that bitcoin’s payment system is P2P purely. It means that a user can send and also get payment anywhere across the world from anyone. The parties who do the transactions don’t need to get approval from the authority or any outsider source unless the transactions are getting or sending the Bitcoin from a regulated exchange.
Also Read: Cryptocurrency