Bitcoin is a widely-used virtual currency which is way better than fiat currencies. There are numerous cryptocurrencies in the market, but all of them followed bitcoin as it is the first virtual currency ever introduced.
Bitcoin is based on blockchain technology, making it highly transparent and keeping a proper record of each transaction. Blockchain network is quite secure, and no one can change the data stored in it or hack it. All bitcoin transactions are recorded in the blockchain ledger, and anyone can view them at any time.
Bitcoin is not controlled by any authority or bank, which is the primary reason that it is termed as a decentralized currency. Each bitcoin transaction verified so that there is no cheating and no transactions can be duplicated. Bitcoin is the currency of the modern generation as it has all the features required in today’s digitalized world.
There are numerous advantages of paying with bitcoins, but few are mentioned in the following paragraphs.
Full Control to Users
One of the most significant advantages of using bitcoins is that the users have complete control over the currency, and they can use it in any way according to their needs and requirements. When using fiat currencies, all your transaction records are under the surveillance of authorities, and you need to get approval from the bank to make a transaction.
With bitcoin, there is zero involvement of any bank or third party, which makes it highly convenient, and you can make transactions without worrying about anything. If you want complete privacy and control while making transactions, then you must use Bitcoin growth and acquire some bitcoins.
If you use a debit or credit card and make a transaction, all the details will be sent to the bank, and they have complete knowledge about all your transactions. It is one of the most significant issues with fiat currencies as the user doesn’t get to enjoy good privacy.
Bitcoin offers excellent privacy as all your transactions are hidden, and no information related to your transactions is revealed without your consent. So, no one can find out about the transactions you made using bitcoin, which is a fantastic feature.
When you make a purchase with bitcoin, you get a bitcoin address, and it keeps on changing with each transaction. So, it is impossible to trace you using the bitcoin wallet address. It is the most prominent reason that bitcoin is considered to be better than other currencies in the market.
Direct Peer-to-peer Transactions
Bitcoin works on a peer-to-peer network and enables quick, direct transfers. Peer-to-peer transactions mean you can directly transfer bitcoins from your wallet to another person’s wallet without involving any third party. When you make a transaction using your Debit or Credit card, before completing the transaction, you need to get it verified from the bank, which takes some time.
Sometimes, verification fails due to some server errors, and it causes great inconvenience. There are no such issues with bitcoins as you can make a direct transaction without getting permission from any bank or third party. It is more convenient and saves a lot of time.
Zero Transaction Charges
If you make a payment with a bank, you need to pay a certain percentage of your transaction amount as transaction charges. It increases the total cost of making a transaction. If you use bitcoins for making payments, you can save a lot of money as it has no transaction fees.
Transaction fees are charged by the bank whose services you are using, but bitcoin is a decentralized currency, so you need not pay any charges to anyone. Adding to it, there are also no minimum balance charges or maintenance, which the primary reason behind the increasing popularity of bitcoin all over the world.
Easy Global Payments
With Internet services, all world is connected, and people are doing business all over the world. It is quite profitable to trade across the borders, but some issues arise when it comes to making international payments.
If you make global transactions with banks, you need to wait for several hours to get a single transaction approved. Bitcoin allows you to make instant international transactions and that too without paying any extra fee or charge.