7 The main benefits of paying using Bitcoin about normal currency

By administrator 9:25 PM

There is always the need to produce a global payment system that is convenient and profitable for all users. Using US dollars as a basic currency when international trade has its disadvantages. For example, the currency exchange market is very fluctuating. This means that the value of the dollar continues to change all the time. Therefore, merchants often lose a lot of money because they change their currency from US dollars to facilitate exchange. This is a gap you want to fill Bitcoin. Bitcoin is an electronic payment form that aims to revolutionize the financial industry. This article will explore 7 reasons why making payments in Bitcoin is more comfortable than paying using a normal currency.

1. Global payment of SWIFT

Bitcoin can be transferred from a wallet to another wallet in a few minutes. To send a normal currency, especially at all borders, you must fill a lot of paper paper. This process is often days. Another challenge is that the exchange rate is dynamic foreign currency. This means that the recipient often receives a small amount of money than the money sent. Of the total world population, around 4 billion people can not access standard banking services, and this inhibits their ability to pay cash payments. Because Bitcoin is based on the Internet, anyone is free to join. With just one Internet connection and a cell phone or a computer, someone can make payments around the world. Unlike banking institutions that operate a few hours a day, you can trade with Bitcoin 24 hours a day, 7 days a week.

2. Very cheap transactions.

Very cheap to transfer this coin from one wallet to another. Some Bitcoins exchanges charge around $ 5 per transaction. This is different from the banks that charge a fixed rate in the amount you want to transfer. The bank is more expensive because they have to pay their staff and meet other costs that are not there with Bitcoin. Some banks make your customers pay the cost of maintenance of annual accounts, while Bitcoin wallet is free to open and operate. After downloading the wallet, you can save your digital currency for years without having to pay anyone.

3. Bitcoin Network uses a very safe system

Bitcoin networks are safer than banking networks in the world. Complex mathematical formulas and cryptography protect the digital currency. The use of cryptography eliminates errors that may result from human activities. The banking system can be hacked and this often compromised the privacy of customers. No one can succeed in making mathematical trap by manipulating formulas that guide Bitcoin's operations. Bitcoin networks are protected by millions of computers worldwide. Because the network is decentralized, there are no hackers that can steal from the network. In fact, your Bitcoin wallet is much safer than your bank account. If you lose a credit card or an ATM, someone can use that information to steal your money. This has never happened with Bitcoin.

4. Anonymous but transparent.

Although it does not disclose the details of the merchant in a transaction, the network is very transparent. This is because all transactions can be traced, publicly and permanently stored in public books. This network is anonymous because individual merchants can not be determined, but all transactions can be tracked. Anyone who is interested in confirming the transaction can do so by looking at public books. You can choose if you want your wallet to be seen or not publicly. You can easily see how the bitcoin is exchanged, but you can not say who are transfers. Banks often require personal details such as social security, income, tax payments and identification details. If this information is not stored correctly, other third parties can use incorrect misuse.

5. Free inflation.

All coins are vulnerable to inflation. One dollar is worth more in the last 10 years than today. The values continue to decrease because more money is printed and the cost of life increases. The average global inflation rate is 2%. This means that inflation factors by 2%, loses more than 50% of your money every 35 years. This is not a good thing for long-term investors. Because there is a limited number of Bitcoin to do, it is not subject to inflation. While the fixed inventory, the demand for this cryptocurrencia will increase. This means that in the future that can be estimated, the value of Bitcoin will be very high.

6. Decentralized network

Bitcoin networks do not operate from an office or location. Instead, this is a global network of millions of computers, as well as the Internet. This nature of decentralization means that Bitcoin can not be manipulated by any institution or authority. The central bank often varies interest rates and controls the number of records circulating in an economy. This means that your Bitcoin can not be considered worthless or useless only due to some approved laws. Decentralized properties allow people from various parts of the world to be part of it without complexity. While you can access the computer and multiple Internet connections, it is good to make payments using Bitcoin. You do not have to have any form of physical identification or documentation.

7. There is no dependence on third parties.

With other payment systems, such as PayPal or Skrill, it is a company that decides. The company has the power to deny or reverse the transfer. It is possible that two business partners are not involved when the company made a decision of this type. In some countries, you will be able to pay taxes if your account has a lot of money. With a normal currency, you must wait for a third before you can trade. You have to wait for an open bank before you can do banks. With Bitcoin, you do not have to depend on anyone. You can make payments at any time and time from wherever you are. If, for example, bank employees decide to strike, banking services may not be accessible until the neutral point has been ordered. Bitcoin can never be faced by catastrophe due to decentralization.

source techbullion.com