Bitcoin is a relatively new type of currency that has only just entered traditional markets.
Critics claim that using bitcoins is not safe because –
- They have no authentic value
- They are not regulated
- They can be used to conduct illegal transactions
However, all the main players in the market speak of bitcoins. Here are some good reasons why it is worth using this crypto currency.
Fast Payments – When making payments through banks, the transaction takes several days, and transfers also take a long time. In contrast, transactions with crypto comeback pro virtual currencies are generally faster.
Transactions without confirmation are instant, and the merchant takes the risk that has not yet been approved by the Bitcoin blockchain. If the merchant needs approval, the transaction takes 10 minutes. It is much faster than any interbank transfer.
Inexpensive – credit or debit card transactions are instant, but you pay a fee to exercise this right. Bitcoin transactions typically cost low and, in some cases, are free.
Nobody can remove it – Bitcoin is decentralized so that no central authority can reduce the percentage of your deposits.
No chargeback – once you’ve exchanged bitcoins, they’re gone. You cannot retrieve them without the recipient’s permission. Therefore, it is becoming difficult to commit chargeback fraud, which is common among people with credit cards.
People buy goods, and if they discover the defect, contact a credit card company to make a chargeback and cancel the transaction. The credit card company does this and charges you costly chargebacks between $ 5 and $ 15.
Secure personal information – credit card numbers are stolen when making online payments. No personal information is required for a Bitcoin transaction. You need to combine your private key and your Bitcoin key to complete a transaction.
You have to make sure that your private key is not accessible to strangers.
It’s not inflationary – the Federal Reserve prints more dollars when the economy stalls. The government injects the newly created money into the economy, lowering the value of the currency and accelerating inflation. Inflation lowers people’s purchasing power because commodity prices rise.
Bitcoins are only available to a limited extent. The system is said to stop the exploitation of additional bitcoins when it reaches 21 million. This means that inflation is not a problem, but deflation is activated when commodity prices fall.
Semi-anonymous transactions – Bitcoin is relatively private but transparent. The Bitcoin address is shown in the blockchain. Anyone can look into your wallet, but your name is invisible.
Simple micro payments – With Bitcoins, you can make micropayments for free, e.g., B. 22 cents.
Fiat Currency Replacement – Bitcoins are a great option to hold national currencies with capital controls and high inflation.
Bitcoins are becoming legitimate – Large institutions like the Bank of England and the Fed have decided to use bitcoins for commercial purposes. More and more outlets like Reddit, Pizza Chains, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary and forex trading brokers also offer you the opportunity to trade bitcoins.
Bitcoin is the pioneer of the new era of cryptocurrency, the technology that gives you an overview of future currencies.
At ForexMinute, we offer accurate reviews of the best brokers that you can use to trade bitcoins on their platforms. You can also access some of the most useful online tools to make smart trading decisions.