The wave of digitalization has left nothing unaffected, and the currency is also one of them. It has turned currency into digital currency, which can be used to make online payments with great ease. Bitcoin is the most popular digital currency and has a massive value in the market. It is based on blockchain technology and allows to make direct peer-to-peer transactions all over the world without charging any extra fees.
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Today privacy is the biggest concern for everybody, and bitcoin takes proper care of the privacy of its users. Bitcoin transactions are completely anonymous as no one can trace them, which offers great privacy and anonymity. Bitcoin transactions are recorded in the blockchain ledger but don't record any personal detail of the users.
Only wallet address is recorded, and it is impossible to track you on the basis of your bitcoin wallet address. Bitcoin wallet addresses changes with each transaction, making bitcoin transactions highly anonymous and allowing you to make transactions throughout the world without revealing your identity.
Bitcoin offers great convenience, which is the primary reason behind its increasing popularity. Bitcoin is not governed by any authority, which allows you to make transactions without taking any approval or approaching any bank. It saves a lot of time and effort and makes transactions quicker and smoother. You can transfer to any person in any corner of the world without paying any extra charges.
Moreover, bitcoin transactions are online, as all you need is your bitcoin wallet and an internet connection. You can access the bitcoin wallet from your mobile phone too and send and receive bitcoins with great convenience. You have complete control over your funds as no third-party intermediary is involved.
Zero risks of frauds
With the increasing popularity of online payments, the risk of fraud and cheating has also increased to a great extent. A credit card is the most common medium to make an online payment but is promote fraud as credit card payments can be reversed within a certain period of time. So, some buyers purchase goods and make payments with a credit card and later reverse the payment, which makes sellers face huge losses.
Bitcoin has removed this issue as bitcoin payments cannot be reversed. Once you have sent bitcoins to someone, you cannot get them back until he himself returns them. It has provided a great benefit to the buyer accepting bitcoin payments as now they need not worry about frauds and while making business transactions.
If you use a debit card or make a payment with a bank, you need to pay a certain amount as transaction fees or charges. It increases the cost of the transaction and makes it a bit inconvenient. One of the major reasons to use bitcoin is that it charges almost zero fees to complete a transaction. You can easily make transactions all over the world without paying any extra fees. Bitcoin transactions are faster than traditional bank transactions and are cheaper too.
If you make an international transaction with a bank, it will take several days to be completed, but with bitcoin, you can make an instant transfer to any part of the world. There is no third party involved, so no approval is needed, and you also need not pay any extra charges to anyone. It allows you to make a big transaction at minimal fees. You may have to pay minimal charges if you make a transaction through an online exchange.
One of the most amazing features of bitcoin transactions is the speed they offer. Bitcoin transaction takes a few minutes to get verified and processed. If you want instant transactions, then you can make a 'zero-confirmation' transaction as these transactions are not confirmed. If you ate dealing with a trusted party, you can accept non-confirmed transactions and enjoy instant transfers.
It only takes 5-10 minutes by the blockchain to confirm a bitcoin transaction. Credit card transactions are a bit faster, but the fees they charge for it is quite high. Bitcoin transactions are almost free, and the speed it offers while being free of cost is impeccable.
No control of the government
The fiat currency you are using is completely controlled by the central government. It can ban or modify it anytime, and no one can do anything about it. Authorities can increase the value of currency anytime and can also declare it of zero value. So, there is no security, and a single decision of the government and make you lose all your financial worth. Bitcoin is a lot different from it as it is not controlled by any financial institution or third party.
Bitcoin users have complete control over its functioning and usage. The government cannot take bitcoins from you as it has no authority to do it. All it can do is place a ban on bitcoin in certain regions, but it won't affect you much as there are several market places where you can get bitcoins converted into local currency, and easy use them.
Zero risks of inflation
Fiat currencies are under the control of the government, and they can affect their value according to their needs and requirements. For instance, if the economy of the nation is slowing down, the government can issue new currency in the market, which will increase the money flow and lead to inflation. The prices of goods and services will increase, which will bring more revenue to the government. The printing of currency is in the hands of the government, and it can change it.
With bitcoins, there is no risk of inflation as new bitcoins cannot be issues in the market. There are limited bitcoins; 21 million that can ever be mined. After that, a new bitcoin could be issued in the market, which makes it inflation proof and offers great advantages to the bitcoin users.