Bitcoin is a relatively new form of currency that is just beginning to make its way into mainstream markets.
The critics claim that the use of Bitcoins is risky because it is
They are not authentically valuable.
They aren’t regulated.
They could be used to conduct illegal transactions
All the major market players are talking about Bitcoin. Here are a few good reasons to consider investing in this cryptocurrency.
Fast payments – When transactions are processed through banking institutions, the transfer can take some time, just like wire transfers require a lengthy time. In contrast the bitcoin transactions are a virtual currency. Bitcoin transactions tend to be quicker.
“Zero-confirmation” transactions happen instantly in the sense that the merchant takes the risk, however, it is not yet recognized by Bitcoin block-chain. If the business requires approval and the transaction is approved, then it will take about 10 minutes. This is much faster than any transfer that is interbanking.
Cheap – Credit and debit card transactions happen instantly however, you will be charged the cost of this option. In Bitcoin transactions, fees are typically low, and, in some instances you can get it for free.
There is no way to remove it No one can take it away Bitcoin is decentralized, which means no central authority is able to remove a percentage of your bitcoin deposits.
There is no chargeback after you exchange Bitcoins, they’re gone. They cannot be reclaimed without the consent of the person who received them. Therefore, it is difficult to perpetrate the chargeback fraud that is usually experienced by those who use credit cards.
When people purchase products, if they discover that the item is defective and want to know the reason, they call their credit card agency to request the chargeback, thus reversing the purchase. Credit card companies handles it and then charges you a expensive chargeback fees ranging from $5 to $15.
Safe personal details – Credit card numbers get stolen during online payments. The Bitcoin transaction does not require any personal information. It is necessary to connect your private key and Bitcoin key to complete an exchange.
Just make sure that your private keys aren’t access by anyone else.
It’s not inflationary. Federal Reserve prints more dollars in times of economic slowing. Government injects new money into the economy , causing lower value for currency which triggers inflation. Inflation affects people’s ability to purchase things as the costs of goods and services increase.
Bitcoins are scarce. The system was developed to stop mining Bitcoins when it reached 21 million. This implies that inflation will not be a problem, however the deflation process will begin and prices for items will drop.
Semi-anonymous operations Bitcoin is not very private however, it is clear. Your Bitcoin address is visible on the block-chain. Anyone can access your account, however your name won’t be visible.
Micro-payments with ease Micro-payments that are easy to make Bitcoins allow you to make micropayments such as 22 cents without cost.
Alternative to fiat currencies Bitcoins are a good alternative to keep national currencies that are with capital control issues, as well as high inflation.
Bitcoins are now legitimate. major institutions such as those of Bank of England and Fed have opted to accept Bitcoins as a currency for trading. Numerous outlets, including Reditt, Pizza chains, WordPress, Baidu, and many more small-scale enterprises accept Bitcoin payments. A lot of Binary trading brokers and Forex brokerages also permit customers to trade with Bitcoins.
Bitcoin is the pioneer of the cryptocurrency’s new era of crypto-currency and the technology that lets an insight into the future currencies.