What Is The Main Reason To Start Using Bitcoin Over Traditional Currency
Posted: Sep 25, 2019
Bitcoin was first issued as an alternative and a decentralized method of payment, unlike the traditional methods, which costs a lot of time and also a lot of probability of fraud while making the payments. Moreover, it also does make international transactions way cheaper and instantaneous. The benefits of merchants from using as a way of transactions is that it is irreversible which eradicates expensive charge backs and much more. The decentralized method and peer to peer cryptocurrency transactions allow online users through digital currency which are free from threats and third party involvement. So let us look at some of the major benefits of using bitcoin as a form of transaction.
The Benefits Of Bitcoin
Since bitcoin was released, it has been a primary option for the merchants who are not willing to show their amount of transaction to any third parties such as any central banks or the government. Apart from this, there are many major benefits of using bitcoins as a form of transactions. Let us have a look at the benefits of using bitcoin.
The Absence Of Third Party Interruption
The most prominent advantage of bitcoin is the absence of the third party. As said earlier, the absence of this third party during transactions is that governments, banks, or any other financial intermediaries cannot interrupt the transaction or cease the bitcoin accounts. This gave the users an experience of freedom of transactions which they won't get while transacting with national currencies.
People have to pay a huge amount of tax while transferring money overseas. With the help of bitcoins, this issue is pretty much solved. As said earlier, that there is no intervention of any third parties the transactions cannot be identified intercepted or tracked the bitcoins. There is no amount of taxes included while making the purchase through the digital or virtual currency.
Nominal Transaction Fees
Wire transfers and foreign purchases consume a lot of fees as well as exchange cost. But since, bitcoin is not any traditional currency of any country, and there is no exchange charge included. Moreover, the absence of government or intermediary institutions makes the transaction costs very nominal. This is a major advantage for travelers. Since the whole process is done electronically, the transfers are quick and accurate, which eliminates the typical delay while making for an exchange or transfer.
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The benefits of merchants from using as a way of transactions is that it is irreversible which eradicates expensive charge backs and much more. The decentralized method and peer to peer cryptocurrency transactions allow online users through digital currency which are free from threats and third party involvement. The easy and trustworthy form of the transaction has earned bitcoin the top place among all the other virtual currency. Bitcoin is an excellent choice for the people who don't want the government to track their payments or transactions. The easier and quick transfer method makes it an ideal choice for travelers as well.
Fareed is a graduate of computer science engineering, a writer and marketing consultant. he continues to study on Nano technology and its resulting benefits to achieving almost there.