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Should You Pay with Bitcoin?

by Matthew Harris

Bitcoin is a uniquely designed cryptocurrency that can be used as a medium of exchange between individuals, and each unit (Bitcoin) you own acts as an asset. You can be used for various purposes, such as purchasing products and services, making international payments, and making capital gains by investment.

There are many controversies about whether to pay with bitcoins or not. Is it safe and secure? What is the difference between online payments by PayPal, bank transfers, etc. and Bitcoin transfer? What additional benefits does Bitcoin transfer provide? Today all of these questions would be answered in an easy to understand way. 

7 benefits to pay with bitcoin

The following are the seven benefits of Bitcoin transfer as a medium of exchange over any other payment medium:

  1. QUICK & INEXPENSIVE INTERNATIONAL PAYMENTS:

Traditional international money transfer through PayPal or bank transfer takes very much time. Also, online international transfer payments usually charge high transactional fees as they have to change currencies, and government and banks hold on these types of transactions. For once, all the above things can be ignored, but the long waiting period is one of the significant drawbacks. We also have to face trouble due to prototypical approval problems.

Imagine a one-stop solution for all the above problems, and you imagine Bitcoin. You have to pay very little as transactional fees. Along with it, you don’t have to wait for hours to get permission for payment, and all the problems related to the consent are avoided.

  1. PEER-to-PEER SYSTEM

When information, data, or assets are shared among an extensive network of computers without any centralized authority having control over it, the system developed is called Peer to Peer System. Through this system, digital c currencies can be transferred between parties easily and electronically. In the peer-to-peer network, digital currency is traded from one person’s account to the account of another person without any financial institution involvement.

So, put forward, it is a peer-to-peer network. Bitcoin offers its users to exchange currency and assets from the digital wallet of one person to the digital wallet of another person with any centralized authority.

  1. AUTONOMOUS TRANSACTIONS

One of the significant advantages of using https://bitcoinaussiesystems.com/ is the autonomy offered to its user. Due to the peer-to-peer network, there is no central authority controlling the transactions happening in Bitcoin. So, the users get autonomous control over their trades and money. They are the ones to decide where the money is to be used.

  1. PERSONAL INFORMATION REMAINS CONFIDENTIAL:

Confidentiality of personal information is why many people prefer transactions through Bitcoin rather than online bank transfers, PayPal, etc. Bitcoin is designed so that the transactions are recorded by Wallet ID rather than any other information. All the rest of the information, like your name, address, location, etc. remains hidden.

Thus, people involved in illegal activities prefer their money transfer through Bitcoins as it minimizes the chances of being tracked down.

  1. PAYMENTS FROM MOBILE

The peer to peer network allows the transfer of digital currency and assets through any part of the world and any device like mobile, laptop, computer or any other device having access to a proper internet connection. In Bitcoin, transactions can be made through any device with an appropriate link to the internet, even a mobile phone.

  1. NO BANKING CHARGES:

There are many cryptocurrency exchanges out there who charge to maintain an account, overdraft fees, charges on minimum balance, and do not refund deposit fees. But that is not the case with bitcoin; you do not have to pay for your every movement. All these charges will be eliminated.

  1. ACCESSIBLE:

 As we have read about Bitcoin earlier, digital currency and assets can be transferred with any device like mobile, laptop, computer, etc. from any part of the world. A large percentage of the population can access Bitcoin and use it quickly due to its user-friendly interface. 

Bitcoin provides innumerable unique benefits to its users, which is slowly redefining the definition of best cryptocurrency. Bitcoin was not the first cryptocurrency but is the largest known and used cryptocurrency, which has shown tremendous growth over the years.

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