Bitcoin is often considered by online sites as a means of payment, however it doesn’t necessarily mean that services include them. However, there are numerous clear benefits to utilising bitcoin and we’re going to take a look at them below.
The Advantages of utilising Bitcoin and Virtual Currencies:
An Infographic Guide to Virtual Currencies
Easy To Use Anywhere
- Bitcoin allows you to send and receive money anywhere in the world at any time.
- The usual problems with international money transfers such as bank holidays or border disputes do not apply when using Bitcoin.
- You make the decision when and where to use Bitcoin. There is no central bank or exchange governing the Bitcoin network.
Bitcoin Is Safe And Secure
- Bitcoin users are always in control of their money and their transactions. This helps protect the Bitcoin network.
- Retailers and merchants cannot add hidden fees or extra charges without the user knowing about them. No additional charges may be added to a Bitcoin transaction without first notifying the user.
- All Bitcoin payments are done anonymously. The user’s personal information is never provided during a Bitcoin transaction.
- Since Bitcoin transactions are completely anonymous, the user’s identity and information are safe from identity theft and fraud.
- Users can also encrypt and back up all their Bitcoin transactions, helping ensure their money remains safe.
Transaction Information Is Always Available
- All finalized transactions may be viewed using block chain, however, all personal information is hidden and cannot be seen.
- The user’s public address is visible on their Bitcoin transactions, but their private and personal information is not.
- All Bitcoin transactions may be verified through the Bitcoin block chain.
- The Bitcoin network and protocol are protected against any type of manipulation by organizations, governments or individuals. The entire Bitcoin network is encrypted and secure.
Cost Effective
- There are currently no fees or extremely low fees charged when conducting a Bitcoin transaction.
- If a Bitcoin user wants a faster transaction, they may pay a certain fee to speed up the Bitcoin payment. A higher fee can get a Bitcoin transaction faster processing priority within the Bitcoin network.
- Bitcoin transactions can be converted from bitcoins to fiat currency using digital currency exchanges. This service is generally less expensive than paying with a credit card or with PayPal.
Less Risky For Merchants And Retailers
- Bitcoin transactions cannot be reversed. Once they are paid, the transaction is final. Additionally, there is no personal information attached to a Bitcoin transaction, so all users are protected against fraud.
- Using Bitcoin to conduct all business transactions allows merchants and retailers to do business even in high crime areas or within industries where fraud is a greater risk. One of the reasons merchants can feel safer using Bitcoin is every transaction is recorded in the Bitcoin public ledger, also known as the block chain.
These are the advantages of working with Bitcoin. While there are several benefits of Bitcoin, there are certain disadvantages as well. There are three primary disadvantages of using Bitcoin. We will fully discuss these so that every user knows what to expect when they use Bitcoin.