Since its inception, this amazing Cryptocurrency has never failed to surprise us, whether it is the technology that runs Bitcoin or the volatile nature that made a lot of individual millionaires overnight.
Bitcoin is the most popular Cryptocurrency. Due to a number of reasons, a lot of investors have started investing their money in Bitcoin with the Bitiq platform.
Apart from that, it is now becoming more mainstream, where people can buy pizzas with Bitcoin, shop at their favorite jewelry store and make payments in Bitcoin.
If you stay up to date with the Bitcoin news, you might know the reasons why more and more people are investing in Bitcoin. But the question is why more people and countries are adopting Bitcoin payment.
Of course; because it has a lot of benefits.
The Benefits Of Paying Using Bitcoin
Here, in this article, we will talk about the benefits of paying with Bitcoin. Knowing the benefits might encourage you to pay your next shopping bill using the Bitcoin you have. So, now, let’s check them out.
Transactions Are Pseudonymous
In most cases, online transactions need an array of information in order to identify the person who is conducting the transactions. Plus, online purchases also need you to enter some type of identifying information to complete the purchase.
This particular verification process might reduce the chances of crime, but it also brings an intermediary firmly in charge of the transaction. At the same time, Bitcoin transactions are pseudonymous.
Transactions Are Conducted Peer-To-Peer Basis
If you have basic knowledge about Bitcoin, you might know that the Bitcoin transaction system is completely peer-to-peer. It means the user can send and also receive payments to or from anyone who is present in the network around the globe.
Until and unless they are receiving or sending Bitcoin to a regulated institution or exchange, to a transaction, the parties do not need any type of approval from any external authority or sources.
Transactions Do Not Incur Banking Fees
Among fiat currency exchanges, banking fees are considered standard to charge so-called “taker” and “maker” fees, along with occasional withdrawal and deposit fees. On the other hand, Bitcoin users are not subject to any traditional banking fees.
It means there are no minimum balance fees, no account maintenance, no returned deposit fees, no overdraft charges, and many more.
Low Transaction Fees For International Payment
Standard foreign purchases and wireless transfers typically include exchange costs and fees. As Bitcoin transactions do not have any intermediary institution or government involvement, the cost of transactions is comparatively low.
For travelers, this is actually a major benefit. Apart from the Bitcoin transfers are faster and eliminate the inconvenience of usual authorization requirements and wait periods.
Payments Are Mobile
With so many online payment systems, you can make a payment for your coins anywhere whenever you have access to the internet. It means you do not need to go to the store or to the bank to make a purchase.
But unlike online payments that are made with credit cards or U.S bank accounts, any personal information is not essential for completing any transaction.
Transactions Are Irreversible
One of the major characteristics of Bitcoin’s Blockchain is that it is immutable. That is why transactions using the same Blockchain are totally irreversible and also can not be amended by any third party.
Any financial services agency or government entity does not have any authority over that. In addition to that, it is also impossible to file a charge-back for Bitcoins that are sent to someone else.
The only way of reversing this is to have a meeting. You can ask the recipient to send back the Bitcoin you have sent them mistakenly.
Transactions Are Secure
Bitcoin is not at all a physical currency, so it is impossible for thieves to steal it from the holder. However, hackers can steal the Cryptocurrency of a person in case they know the private keys for the wallet the user is using.
But, with the help of proper security, technically, it is impossible to steal Bitcoin. So, we can say that transactions that are conducted between two addresses or more than that are purely secure.