Why use Bitcoin?
Bitcoin is the most popular of the many cryptocurrencies to hit the Internet in recent years, with many users adopting it ahead of cash and credit cards. But what are the benefits of using this virtual currency, and why should people take the effort to use it?
Transferring Bitcoin is far faster than moving money or paying for items using regular currency. While banks can hold cheques for several days before they clear, Bitcoin transactions are generally instantaneous — or take at most 10 minutes should a merchant be needed to confirm it.
It’s also a lot cheaper to send anywhere around the world, with transfers costing just a few pennies — in comparison to ‘swipe fees’ or other extra charges accrued when sending other currencies.
Bitcoin is also far more secure than regular money. With the increase in credit card fraud and other Internet scams plenty of people are losing money online — something that is near impossible with Bitcoin.
While someone can take your credit card number and have access to your bank account, all information while using Bitcoin is private, meaning there is far less of a risk of fraud.
The limited number of Bitcoins available means it isn’t at risk of extreme currency fluctuations, as seen in some other markets around the world. This stability gives a far greater peace of mind to any Bitcoin user.
While with regular currencies the value of money will change depending on inflation, the fact Bitcoins are limited to just 21 million gives investors confidence and provides stability.
Bitcoin is also far more private than with regular money. Instead of having a paper trail that can lead back to your name, Bitcoin users can make transactions safe in the knowledge all the information will be kept confidential.
With more and more people beginning to use Bitcoin alongside, or instead of, regular currency, are you ready to make the change?