Why Would You Use Bitcoin?
Bitcoin is a newer cryptocurrency that has just begun to hit the streets in a big way. The decentralized, anonymous currency is growing at a large pace. Here’s a few reasons why you should look into bitcoin.
The first reason many choose to use bitcoin is how fast it is. With normal currency, it can take days to cash, and then even longer to make the funds available in your account. With bitcoin, transactions can take seconds. Because it is all online, the time payments take to send and clear is essentially instant. This is due to the fact that there is no middle man or in other words, no bank to get in the way and waste time approving the payment. The longest that a bitcoin payment can take is around 10 minutes, and that’s only because the other side would require a confirmation.
In addition to being fast, bitcoin is the cheapest currency to deal with. While credit card transactions may be fast, there is a fee that can go up to 20 percent just to send money and have the privilege of using the card. In most cases, bitcoin transactions are free or have very minimal fees.
Bitcoin is a decentralized currency. This means that there is not one government or entity that can control it. Traditional banks in the U.S. are only insured by the FDIC up to $250,000. This means that if you have more than that in your account, and something occurs to the bank, you lose all your money. With bitcoin, there is no one entity that is in control and no one group that cake take your money without your express consent.
In addition, your payment information can’t be taken or stored by merchants. With a lot of scandals in the recent news of large companies being compromised and information from thousands of people being released, many have become nervous with the idea of using credit and debit cards. With bitcoin, it is simply a web form that you use to pay, which means that there is no personal information stored or given at any point.
With bitcoin, there is no risk of inflation. Since governments can choose to just print more money when they are in need, normal currency is subject to extreme ranges of inflation. With bitcoin, there is no need to worry about inflation. There is a set number of bitcoins out there which stands at 21 million. Given that the number of bitcoins cannot grow, it is not subject to any inflation.
With bitcoin, the money is yours. There is no middle man required and no trust needed with your money. In a traditional bank, you have to have a constant worry that your money will be protected and safe. This is not the case with bitcoin. With bitcoin, you are in charge of your money, and you are the only one holding it.
The possibilities of bitcoin are unlimited. With bitcoin, you can essentially create your own money by mining. With big computer processors and open source software, anyone can make new bitcoins.