Have you ever thought about what are the main benefits of Bitcoin and why are people using it so often while shopping online? It seems that a great majority of individuals and companies are using Bitcoin as their main method of payment online for numerous reasons.
Bitcoin represents the decentralized digital currency that is able to be sent from one user to another on the P2P network (peer-to-peer) without any need for any kind of the third party between them. All the transactions are being recorded in the blockchain, which is a public distributed ledger, and verified by network nodes.
The reason why bitcoin is so popular is that there are many benefits to this method of payment. In the following, we will tell you what are the advantages of this method of payment and why you should consider paying in the future exclusively with Bitcoin.
1. Transactions with Bitcoin don’t include banking fees
Perhaps the biggest advantage of using Bitcoin as a preferred payment method is that transactions with it don’t incur banking fees. It means that, for example, if you want to purchase a gift card on Coingate with Bitcoin, you are able to do so without any kind of banking fees.
It means that there are no minimum balance fees or maintenance, as well as overdraft charges, returned deposit fees, among numerous others.
2. Low transaction fees for Bitcoin international payments
What is also interesting to know when it comes to fees is that Bitcoin payments include very low transactional fees for international payments. Here’s the thing, foreign purchases and typical wire transfers usually involve exchange costs and fees.
Since Bitcoin transactions don’t include government involvement and intermediary institutions the costs of transacting, in comparison to transactions for bank transfers, are generally lower.
For example, it is a huge advantage for travelers. In addition to that, it’s no secret that the transfear of bitcoins is extremely fast. Therefore it eliminates the inconvenience of wait periods and typical authorization requirements.
3. These transactions are mobile and secure
Besides low transaction fees, it’s also known that Bitcoin transactions are very mobile and secure. When it comes to mobility, as with numerous other online payment systems, Bitcoin users are also able to purchase their coins anywhere with internet access. It means that purchasers are not required to go to a store or a bank in order to buy a product.
On the contrary, unlike numerous other payments made with credit cards or US bank accounts, there’s no need for personal information in order to complete any transaction. What’s also important to note is that Bitcoin isn’t a physical currency. For that reason, it’s impossible for thieves to pass off the holder.
Cybercriminals can only steal cryptocurrency if they are aware of the private keys for the wallet. Nonetheless, with good security, it’s almost impossible to steal Bitcoin.
4. Bitcoins transactions are also P2P and pseudonymous
In addition to all of the above mentioned, Bitcoin transactions are also pseudonymous. It means that they’re not completely anonymous and that transactions are able to be identified only by using a blockchain address. Therefore, an individual is able to have multiple addresses and multiple passwords and usernames for just one account.
It’s also important to know that the payment system of Bitcoin is purely peer-to-peer. It means that users are able to send and also receive payments worldwide from or to anyone on the network. The parties to a transaction are not required approval from authority or an external source unless they are receiving or sending bitcoin from da institution or regulated exchange.
Please remember that this website does not offer financial advice. This article and others like it are offered for information purposes only.