By Mohammed Abdul Nadeem
Bitcoin is a (compared to something else) new type of currency that has just started to strike the mainstream markets.
People (who say bad things or give opinions) state that using Bitcoins is unsafe because -
They have no real value
They are not controlled
They can be used to make illegal transactions
Still all the major market players talk about Bitcoins. Below are some good reasons why it is worth using this crypto currency.
Quick payments - When payments are made by using banks, the transaction takes some days, (in almost the same way) wire moves (from one place to another) also take a long time. On the other hand, virtual currency Bitcoin transactions are usually more fast.
"Zero-confirmation" transactions are immediate, where the (person who sells things) accepts the risk, which is still not approved by Bitcoin block-chain. If the (person who sells things) needs an approval, then the transaction takes 10 minutes. This is much more fast than any inter-banking move (from one place to another).
Inexpensive - Credit or debit card transactions are instant, but you are charged a fee for using this privilege. In the Bitcoin transactions, the fees are usually low, and sometimes, it is free.
No one can take it away - Bitcoin is (without having one central area of command), so no central authority can take away percentage from your deposits.
By Mohammed Abdul Nadeem
No chargeback - Once you trade Bitcoins, they are gone. You cannot reclaim them without the receiver's permission. So, it becomes very hard to commit the chargeback illegal dishonesty/stealing (by lying), which is often experienced by people with credit cards.
People purchase goods and if they find it defective, they contact credit cards (service business/government unit/power/functioning) to make a chargeback, effectively reversing the transaction. The credit card company does it and charges you with expensive chargeback fee ranging from $5-$15.
Safe personal details - Credit card numbers get stolen during online payments. A Bitcoin transaction does not need any personal details. You will need to combine your private key and the Bitcoin key together to do a transaction.
You just have to make sure that your private key is not accessed by strangers.
It is not inflationary - Federal Reserve prints more dollars, whenever the (process of people making, selling, and buying things) is spitting/failing. Government injects the new created money into the (process of people making, selling, and buying things) causing a decrease in currency value, by that/in that way triggering inflation. Inflation decreases people's power to buy things because prices of goods increase.
Bitcoins are in limited supply. The system was designed to quit mining more Bitcoins on reaching 21 million. This means that inflation will not be an issue, but (lowering prices/air leaving a balloon, etc.) will be triggered, where prices of goods will fall.
Semi- unnamed operations - Bitcoin is (compared to other things) private, but clear/open and honest. The Bitcoin address is showed at the block-chain. Everyone can look in your wallet, but your name will be invisible.
Easy micro-payments - Bitcoins allows you to make micropayments like 22 cents for free.
Substitute of fiat types of money - Bitcoins are good option to hold national types of money experiencing capital controls, and high inflation.
Bitcoins are getting legal/real and true - Major institutions like the Bank of England and Fed have decided to take Bitcoins for trading. More and more outlets like Reditt, Pizza chains, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary trading and Forex people (who buy and sell for someone else) also allow you to trade with the Bitcoins.
Bitcoin is the pioneer of new crypto-currency time in history, the technology that gives you a peek into future currency.
Bitcoin is a (compared to something else) new type of currency that has just started to strike the mainstream markets.
People (who say bad things or give opinions) state that using Bitcoins is unsafe because -
They have no real value
They are not controlled
They can be used to make illegal transactions
Still all the major market players talk about Bitcoins. Below are some good reasons why it is worth using this crypto currency.
Quick payments - When payments are made by using banks, the transaction takes some days, (in almost the same way) wire moves (from one place to another) also take a long time. On the other hand, virtual currency Bitcoin transactions are usually more fast.
"Zero-confirmation" transactions are immediate, where the (person who sells things) accepts the risk, which is still not approved by Bitcoin block-chain. If the (person who sells things) needs an approval, then the transaction takes 10 minutes. This is much more fast than any inter-banking move (from one place to another).
Inexpensive - Credit or debit card transactions are instant, but you are charged a fee for using this privilege. In the Bitcoin transactions, the fees are usually low, and sometimes, it is free.
No one can take it away - Bitcoin is (without having one central area of command), so no central authority can take away percentage from your deposits.
By Mohammed Abdul Nadeem
No chargeback - Once you trade Bitcoins, they are gone. You cannot reclaim them without the receiver's permission. So, it becomes very hard to commit the chargeback illegal dishonesty/stealing (by lying), which is often experienced by people with credit cards.
People purchase goods and if they find it defective, they contact credit cards (service business/government unit/power/functioning) to make a chargeback, effectively reversing the transaction. The credit card company does it and charges you with expensive chargeback fee ranging from $5-$15.
Safe personal details - Credit card numbers get stolen during online payments. A Bitcoin transaction does not need any personal details. You will need to combine your private key and the Bitcoin key together to do a transaction.
You just have to make sure that your private key is not accessed by strangers.
It is not inflationary - Federal Reserve prints more dollars, whenever the (process of people making, selling, and buying things) is spitting/failing. Government injects the new created money into the (process of people making, selling, and buying things) causing a decrease in currency value, by that/in that way triggering inflation. Inflation decreases people's power to buy things because prices of goods increase.
Bitcoins are in limited supply. The system was designed to quit mining more Bitcoins on reaching 21 million. This means that inflation will not be an issue, but (lowering prices/air leaving a balloon, etc.) will be triggered, where prices of goods will fall.
Semi- unnamed operations - Bitcoin is (compared to other things) private, but clear/open and honest. The Bitcoin address is showed at the block-chain. Everyone can look in your wallet, but your name will be invisible.
Easy micro-payments - Bitcoins allows you to make micropayments like 22 cents for free.
Substitute of fiat types of money - Bitcoins are good option to hold national types of money experiencing capital controls, and high inflation.
Bitcoins are getting legal/real and true - Major institutions like the Bank of England and Fed have decided to take Bitcoins for trading. More and more outlets like Reditt, Pizza chains, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary trading and Forex people (who buy and sell for someone else) also allow you to trade with the Bitcoins.
Bitcoin is the pioneer of new crypto-currency time in history, the technology that gives you a peek into future currency.
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