Bitcoins were initially thought of as a marketing gimmick, but now it is a full-fledged currency, which is supported by many businesses and many people also spend their time trading in bitcoins. Many people buy and sell bitcoins to get profits and also many businesses use them as the payment option to make payments more versatile and easier for the customers. Guarded by block chain technology and the scope of being completely anonymous is one of the major reasons why bitcoin transactions have become so popular.
Some of the major benefits of using bitcoins in the current market are discussed below:
One of the major issues with normal currencies and preserving them is that the market is vulnerable to inflation from time to time. However, bitcoins have no risk of inflation as there is no limit of currency and thus there is no risk of a decrease in the purchasing power of the users. Therefore, there is no risk of inflation even with an unlimited currency generation and this is one of the best reasons why bitcoins can be preserved.
Unlike credit and debit cards which divulge a customer’s financial and personal details to the merchants, bitcoin can be transacted without that risk. One does not have to give any kind of personal details while buying or selling bitcoins, thus keeping safe from financial frauds and risks. Also, there is almost no chance of bitcoin hacking as it is digital cash without a hackable footprint and prevents any kind of targeted data breach.
Ease of use
One of the biggest problems with international transactions when it comes to normal currency is the rate of exchange and that every country has its currency, therefore making the entire process difficult and quite hassling. But when it comes to bitcoins, people can easily do any type of international transaction without exchanging the currencies with the local bank and finding the exchange rate. All that needs to be done is to use the memory card and the bitcoin account to transact a certain bitcoin amount to another person’s account without many efforts.
Fewer fees and quick transactions
The normal currency can take a lot of time to be transacted especially when it is done by credit cards, due to many reasons used by the bank or the card. But when it comes to bitcoins, the transactions are done within 24 to 48 hours as the entire process is done through the digital process and without much hindrance. Also, the transaction fees of the bitcoins are much less than the normal card or bank transactions, thereby making it a very viable option for small or medium-sized businesses.
Safe and no third party
The overall ecosystem of the bitcoin is quite safe and secure which means that there are almost no safety issues when it comes to the transactions. Every bitcoin transaction is authenticated by a digital signature and then it is sent to the blockchain so it can be said that the entire process is safe and clean. Also, the entire process is handled from one end to the other without any middleman so there is savings on fees, taxes claims, etc.
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by Shalini M