5 Benefits Of Bitcoin That May Change Your Perspective
Bitcoin has been around for slightly more than a decade, having been launched in 2009. Bitcoin is the first cryptocurrency to be based on blockchain technology. It is considered the most successful and widespread cryptocurrency in the world.
If you are skeptical about using bitcoin, you are not alone. Many people look at cryptocurrencies with lots of mistrust. The reason being, there isn’t much information out there to entice people to embrace this revolutionary technology. However, a quick look at websites of the top bitcoin trading platforms will reveal to you a lot of information about them.
Here are five benefits of bitcoin that, hopefully, will change your perspective about this cryptocurrency.
1. Affordable Transactions
Bitcoin transactions are cheap and fast. The transfer is almost instant, and it will cost you far less than what you would spend in ordinary transactions. The good news is that the cost doesn’t even depend on the distance covered or the amount sent. With bitcoin, international transfers, transactions, and payments are safer, faster, and affordable. And you’ll not have to worry about bank holidays or progressive fees.
No wonder the top bitcoin trading platforms encourage their clients to use bitcoins more for their online purchases. Bitcoins are also the best option for companies to send payments to their contractors abroad, or to expatriates who want to send remittances back home.
If you want your financial transactions to remain discrete, then bitcoin will be the best option for you. With bitcoin, all the purchases you make will not be associated with your identity. The transactions mimic cash-only purchases, meaning it won’t be possible to trace them back to you. In fact, bitcoin will generate an anonymous address whenever you use it to purchase.
The bitcoin address is entirely untraceable and anonymous. The transactions are difficult to link with an individual the way it happens with other conventional modes of payment.
3. User Autonomy
User autonomy is perhaps the top benefit of bitcoins. Many traders want to perform online transactions without involving third parties, and this is what bitcoin provides. Bitcoin is not like fiat currencies that need intermediary authorities like a government or a bank.
What this implies is that you’ll be able to spend your money (bitcoin) in buying without having to go through a bank. All you’ll need is a computer (or a mobile device) with an internet connection. Bitcoin transactions are conducted through computers in a wide network covering the entire world.
4. Easy and Fast Payments
Besides making you the true owner of your money without having to depend on third parties, bitcoin will make your electronic transfers and payments easier. Right now, bitcoin isn’t only a reserve for the tech-savvy guys. Top bitcoin trading platforms have made it easy to send and keep cryptocurrencies even by those who do not have any technological backgrounds. It will take you a few minutes to buy your first bitcoin and start online transactions.
All you’ll need is a bitcoin wallet, which you can get for free. If you are new to cryptocurrencies, the best option for you would be to download a software wallet and install it on your desktop or mobile device.
You can also use a hardware wallet if you aren’t planning to spend your coins daily. A hardware wallet is also good if you are after better security for your cryptocurrency. To send the coins, you’ll just need the address of the recipient. Note that once you hit the send button, the transaction you’ve executed will be irreversible. So it advisable to ensure you enter the correct figure before sending it.
5. Peer-to-Peer Transactions
Bitcoin uses a purely peer-to-peer payment system. This means the users will receive or send payments to one another without seeking authority from any third party. The transactions can be carried out between any two persons provided they are on the bitcoin network. This, in essence, eliminates all bank transfer charges or fees.
Wrapping It Up
As you can see, bitcoin has several benefits compared to fiat currencies. Having a bitcoin wallet can enable you to carry out all your financial transactions right from the comfort of your house. Not only that, but you can also trade in bitcoins if you want a source of passive income. To do this, pick the best online currency trading platform from whototradewith.com.