Bitcoin is a relatively new type of currency that is just gaining traction in the mainstream markets.
Critics say that using bitcoin is not safe because: - Bitcoins have no authentic value.
They have no genuine value
We do not regulate them
We can use them for illegal transactions
Yet, all the big players in the market are talking about bitcoins. Below are some good reasons it is worth using this crypto currency.
Fast payments - When payments are made through banks, the transaction takes a few days, and wire transfers also take a long time. In contrast, Bitcoin virtual currency transactions are faster.
Zero-confirmation transactions are instantaneous, with the merchant accepting the risk, which is still not approved by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. Compared to interbank transfers, this is a lot faster.
Inexpensive - credit and debit card transactions are instantaneous, but you have to pay a fee to use this privilege. With bitcoin transactions, the fees are usually low, and sometimes, they are free.
No one can take it away from you - Because Bitcoin is decentralized, no central authority can take away a percentage of your deposits.
No chargebacks - Once you exchange Bitcoins, they are lost. You can’t claim them back without the recipient’s consent. This makes it difficult to commit chargeback fraud, as is often the case with credit cards.
People buy goods and if they find them defective, they contact the credit card company to make a chargeback, thus canceling the transaction. The credit card company does this and charges you an expensive chargeback fee, ranging from $5 to $15.
Security of personal data - credit card numbers are stolen during online payments. A bitcoin transaction does not require personal data. You will need to combine your private key and the Bitcoin key to complete a transaction.
You just need to make sure that strangers do not have access to your private key.
It is not inflationary - The Federal Reserve prints more dollars, when the economy is down. The government injects the newly created money into the economy, which causes the value of money to fall, thus triggering inflation. Inflation decreases people’s purchasing power as the prices of goods increase.
The supply of bitcoins is limited. The system stops mining bitcoins when it reaches 21 million. This means that inflation will not be a problem, but it will trigger deflation, i.e. the prices of goods will decrease.
Semi-anonymous transactions - Bitcoin is relatively private, but transparent. They reveal the address of the bitcoin on the blockchain. Anyone can look in your wallet, but your name will be invisible.
Easy micro-payments - Bitcoin allows you to make micro-payments like 22 cents for free.
Replacement for fiat currencies - Bitcoins are a good option for national currencies subject to capital controls and high inflation.
Bitcoins become legitimate - Major institutions like the Bank of England and the Fed have accepted bitcoins for trading. More and more outlets like Reditt, pizza chains, WordPress, Baidu and many other small businesses are now accepting bitcoin payments. Many binary and currency brokers also allow you to trade with bitcoins.
Paxful Exchange: Over 333 Ways To Buy and Sell Bitcoin
Paxful is a peer-to-peer crypto-currency exchange and digital wallet provider. Customers can buy and sell cryptos using over 350 payment methods. We will cover how to open a Paxful wallet in our review, the account login process, minimum deposit requirements, shipping fees, and more. Find out if you can start buying and trading bitcoins on Paxful.
Click https://deliverit.blogspot.com/p/paxful-exchange-review.html for more details.
Bitcoin is the pioneer of the new era of crypto-currencies, the technology that gives you a glimpse of the currency of the future.
