Advantages of Using Bitcoin

By Rjain July 13, 2017 10:30

Advantages of Using Bitcoin

Advantages of Using Bitcoin

Bitcoin has more advantages in comparison with the traditional currency. Bitcoin has its own advantages in transactions and in security due to the uniqueness of the virtual currencies which are not available in other conventional currencies. Bitcoin networks are totally a new medium of currencies that are available totally in digital media without its physical appearance. Bitcoins are highly preferable due to their quick payment procedure where the transactions are carried out within just few seconds. Let us have a look at the advantages of Bitcoin and its payment methods that allows large number of users to make transactions using this method.

Important advantages of Bitcoin

  1. Bitcoins allows user to anonymous

Transactions or any purchases that are done through Bitcoins are very distinct. It means that only if user himself makes his details such as address, name etc public then they will be known along with the transactions. Till then no one will be able to know the personal details of bitcoin users. On each and every bitcoin transaction, bitcoin address which has been generated will be changing and never will be similar for any two transactions.

  1. There are no interruptions from third parties in Bitcoin usage

In using bitcoin transactions or payments, one of the most important benefit user will be gaining is that there will not be any involvement of third party such as government or banks or other authorized organizations also. Bitcoin account system is purely a peer to peer system, where in users will be able to enjoy all the freedom. But when it is compared with traditional currency system, users will not be able to enjoy this freedom and need to face all the interruptions.

  1. No taxes are applicable on any type of purchases

On any purchases when bitcoins are used for buying or selling taxes are not at all applicable. This is because there will not be any interaction of third parties in the bitcoin transactions, hence no taxes will be applicable. This will be one of the major advantage of using bitcoin accounts and transactions.

  1. Fee that is applicable on transactions is very low

All the traditional currency systems are charged with huge fees on each and every transaction in comparison with that of bitcoin transactions. Even for this the main reason will be that, there is no involvement of third parties or banks for charging huge amounts of transaction fees.  This will be another major advantage for the users to choose transactions using bitcoins instead of traditional currency methods. Also the transactions that are carried out in bitcoin network are very quick making users happy without consuming much of their time. Merchants will be profited with very low transaction fees in the conversation of bitcoins into fiat currency for their purposes. This service is provided at very low rate in comparison with either credit cards or even paypal mode of payment methods. Hence sellers generally show interest in these transactions only.

  1. Mobile mode of payment is applicable

Bitcoin transactions and payments mainly need access to internet because it is digital currency. Hence payments and transactions are carried out through mobile or pc that has access to web. So there is no need to run for a store to buy something instead anything can be purchased in online with in few seconds and payment can be done through mobile. Also there is no need to fill any personal details while making these payments in online.

  1. Payment can be made at any point of time

Bitcoins will allow to purchase or make transactions at any point of time and there is no to wait for particular time or day. Bitcoin network allows its users to make the transactions from any corner of the world on any day. Hence in this currency there will be no need to run around banks or other financial institutions only on particular days. Hence users have their own rights without any governance from other authorities.

  1. Bitcoin transactions and payments will be secure and safe

Bitcoin users will be able to control their budget that is on payments as it is a limited currency system. Also there will not be any extra fees charged by merchants on any purchases without the notice of customers. On any payment personal information will not be provided that makes very secure of details. At any point of time bitcoins will be backed up as well as encrypted in order to provide safety towards the users money.

  1. Information in the block chain will be transparent

Though the personal details of users will not be available, but still all the transactions that are carried out in a block chain will be visible to the users in that network. This is because it will be a public address and not the private. Hence all the finalized transactions will be visible for everyone. Every user has the right to verify any transactions at any point of time in that bitcoin block chain. No one or any organization or authority has any right to modify any information provided in the bitcoin protocol, because it has been secured in cryptographical manner.

  1. Sellers are protected from risk on bitcoin payments

Sellers will be profited from the bitcoin transactions and payments because there will not be any personal information provided also no transactions can be reversed. At the same time even bitcoin currency provides security. Hence sellers will be protected from any kind of loss and as well as protected from the fraud. Bitcoin network allows the merchants to continue their businesses even in the fraud and crime areas. It is because Bitcoin is a public ledger and there is no point of getting cheated at all.

All the above advantages make the users to use bitcoin digital currency rather than the traditional currency where it is governed by third parties. At the same time, payments, purchases or transactions over traditional currency is a time consuming process when compared with bitcoin currency. Hence in coming days bitcoin currency gets popularized and users become more in number.

By Rjain July 13, 2017 10:30
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