Many of us have been raised on cash and debit cards, so introducing a new currency into our lives may seem pointless. However, there’s no denying the impact that Bitcoin has made, and with new sites such as bestcryptocurrencyexchanges.net popping up online its easy to see why its becoming one of the most recognised digital currency in recent years.
The reason why Bitcoin has become so popular is due to the benefits it offers. So, if you’re currently sat on the fence as to whether you should adopt this currency or not, then why not consider the following benefits. Sure, it may require some changes, but this is the case for anything revolutionary.
It’s Designed for the Internet Generation
One of the reasons Bitcoin has gained traction in the world of finance is because its designed for a core userbase, those who use the Internet. You may consider this to be a limitation, but when you consider that over 3 billion people use the Internet daily, it makes for a large capture area.
One of the many worries for online users is the use of credit and debit cards. While steps are taken to reduce fraud, Bitcoin just offers that extra sense of security thanks to the encryption process it uses. The currency has proved to be such a hit online, that many users state that they may not even be using a bank account in the future.
The more suspicious of us may think that people want to hide their payment history because they have something to hide, and in some instances, this can be true. However, many online users wish to remain anonymous, as they feel the experience is safer. While there can be some instances when a person does have to disclose certain details, for the most part, Bitcoin allows for a completely discreet presence when making purchases online.
While final transactions are available within blockchains, the personal information of the recipient or sender is never revealed.
There Are Benefits for Online Businesses
One of the major obstacles for any business is the fees associated with payment providers. Even popular services like PayPal can be costly in some instances, but to be able to maintain a strong turnover must be employed.
This isn’t to say that a business should eradicate all current payment solutions, but it’s worthwhile adding Bitcoin as one of your accepted payment methods.
As well as allowing you access to a completely new demographic of customers, you will also be paying much less. The processing fees are paid by the sender, meaning that the business is receiving much more of the amount than if it had used another platform.
Using Bitcoin also ensures that the business is not subjected to unauthorised chargebacks, another hindrance for online businesses, especially those that must send out physical goods in the post.
It Offers Faster Transactions
While there are solutions offered by banks in relation to faster payments, they do come with their own limitations. There are times when those looking to send a payment must wait several days for the larger payment to clear, be it via a wire transfer, or cheque.
Payments can be instantaneous for payments that don’t need to be confirmed by the blockchain. Even if confirmation is needed, it takes a mere ten minutes for the confirmation to take place. Much faster than some of the more conventional payment options.
No Control from Central Government
While we may be burrowing further into the rabbit hole, the fact that Bitcoin has no control from the Central Government means that funds are kept safe. While it may seem like a sinister concept, there have been occurrences have caused concern when it comes to how safe our money really is.
One such incident occurred in Cyprus back in 2013, where the Central Bank wanted to take control of uninsured deposits amounting to $10,000 or more to recapitalise, which caused a great deal of unrest.
This sort of incident can’t happen where Bitcoin is concerned, because the Central Government doesn’t have any control whatsoever. So, while it’s a difficult pill to swallow given that we’ve put so much faith in the banking system in the past, at least there’s an avenue to explore when it comes to ensuring our earnings are kept safe.
A Spanner in the Work for Fraudsters
While we’ve already touched on the safety aspects of Bitcoin, there may still be those who are on the fence as they feel their financial information could be phished. More traditional payment methods require us to enter a series of details, including our credit card number and address details. While safety certificates are put in place, hackers are not so easily swayed, and will continue to work on new algorithms to find flaws in the security.
A Bitcoin transaction uses a completely different process altogether. And don’t require you to enter a slew of information. Instead you are issued with two keys, a public one and private one. The two keys are then amalgamated to create a unique mathematical code that proves the payment came from you.
Of course, common sense still must play a massive part. Just as you wouldn’t give anyone your PIN number, the same applies to your private key.
Bitcoin Is Not Subjected to Inflation
As you already know, there is risk associated with funds that are in control of the Central Government, which means the currency in question can fluctuate. For example, if there is a shortage of funds, then more can be created, devaluing that currency. It also means that businesses must change their prices accordingly to ensure they can keep up with inflation costs.
As Bitcoin was only created to hold a maximum amount of counts, it’s not to be fluctuating. As only 21 million coins will ever be created, this can mean that deflation is more likely.
Once you scratch the surface of Bitcoin, there’s a lot of to behold. It may take some adjusting, but the benefits available when it comes to Bitcoin, it’s an avenue worthy of your consideration.