We know that virtual currencies have a unique nature. It comes with different advantages to perform transactions through bitcoin compared to fiat currencies. Even though the said digital money has been in the industry for many years, it has a changing landscape. Considering that most coins are untested that will be used as the mode of exchange, it is a must that users should weigh Bitcoin’s risks and benefits.
With that in mind, bitcoin is a cryptocurrency intended to provide its users with a lot of benefits compared to the different payment methods. In this post, we are going to provide you the advantages of paying bitcoin. But before that, what really is Bitcoin? Let us first define it.
So, if you want to know more about it, then keep reading!
What is Bitcoin?
Bitcoin is one of peer-to-peer, decentralized cryptocurrency systems intended to enable online users to make any transaction using digital units, which are known as BTC or bitcoins. Bitcoin network was established by a mysterious individual or group of individuals way back in 2009. Since then, the said network has dominated the world of cryptocurrency, gathering an increased number of followers around the world.
Benefits of Paying with Bitcoin
Now that you know what bitcoin is, our next stop will be the benefits you can get from paying with bitcoin. Read on to know further.
User Autonomy
This is the main benefit most users can get when using bitcoin. Digital money, such as bitcoin, offers its users more control over the digital money compared to the local currencies. In other words, bitcoin users can track their money without the need to deal with intermediaries, such as governments or banks.
Peer-to-Peer Focus
The process of paying with bitcoin works purely from peer-to-peer. This means that bitcoin followers can receive and send payments from and to anyone who is also using the network. This is always true wherever you are in the world. Another benefit is that bitcoin does not require you to ask the approval of an authority or external source.
Low Transaction Fees for International Transactions
Generally, foreign purchases and wire transfers require users to pay for exchange costs and fees. Considering that the transactions involved in bitcoins do not have any government involvement or intermediary institutions, rest assured that the transaction fees are maintained low. This is very beneficial, especially for travelers. In addition to that, the transactions that happened in bitcoin can be done in no time. Thus, it gets rid of the inconvenience and waiting periods.
Elimination of Banking Fees
Many users used to pay taker and maker fees when doing cryptocurrency exchanges. Aside from that, the users are also required to pay both withdrawal and deposit fees. In connection to that, bitcoin users are not related to the traditional banking fees’ litany that is associated with the local currency. In other words, no minimum balance fees or account maintenance is needed. Not only that, bitcoin does not require any returned deposit fees and overdraft charges.
Discretion
Rest assured that you will have a discrete experience when purchasing with bitcoin. If the user published his transactions in Bitcoin voluntarily, every purchase he would make would not be related to his personal information. These include cash-only purchases. One of the benefits of Bitcoin processes being discrete is that no one can trace him. But this does not mean that the entire bitcoin transactions are entirely untraceable or truly anonymous, but it is much safer than making transactions with local currencies.
Conclusion
Those are the advantages of paying with Bitcoin instead of using the local currency.
