Bitcoin is a relatively new currency that has only begun to hit the mainstream markets.
Critics claim that Bitcoins are unsafe due to -
They don't have any authentic value
They are not subject to regulation
They can also be used for illegal transactions
All the major market players still talk about Bitcoins. Here are some reasons to use this cryptocurrency.
Fast payments - When payments are made using banks, it takes some time. Wire transfers can also take a while. Virtual currency Bitcoin transactions, however, are usually faster.
"Zero confirmation" transactions are instantaneous. The merchant accepts the risk and the transaction is approved by Bitcoin block chain. The transaction will take 10 minutes if the merchant requires approval. This transaction is faster than any interbank transfer.
Inexpensive.Credit and debit card transactions are immediate, but there is a fee. The fees for Bitcoin transactions are typically low and, in certain cases, free.
It is impossible to take it away. Bitcoin is distributed and decentralized.
There is no chargeback - Once you have traded Bitcoins, they are gone. Without the consent of the recipient, you cannot return them. It becomes very difficult to commit chargeback fraud. This is often the case for people who have credit cards.
If a product is not as described, the buyer contacts their credit card agency to request a chargeback. This reverses the transaction. Credit card companies charge a fee of $5 to $15 for this.
Safe personal details - Credit card numbers get stolen during online payments. You don't need to provide any personal information for a Bitcoin transaction. To make a transaction, you will need to combine your private and Bitcoin keys.
Only you need to make sure that no one else has access to your private key.
Inflation is not a problem - Federal Reserve print more dollars when the economy is slowing down. The government injects new money into the economy, which causes a decline in currency value and thereby triggers inflation. Because prices rise, inflation reduces the ability of people to purchase goods.
Bitcoins are scarce. It was created to stop mining Bitcoins after reaching 21 million. Inflation won't be an issue as the system will stop mining Bitcoins after reaching 21 million. However, deflation will occur, in which goods prices will drop.
Semi- anonymous operation -Bitcoin's operations are relatively private but transparent. At the block-chain, your Bitcoin address will be revealed. Your wallet can be viewed by anyone, but your identity will remain hidden.
Make micropayments as low as 22 cents with Bitcoins
Substitute for fiat currencies –Bitcoins can be used to hold national currencies that are subject to capital controls and high inflation.
Bitcoins have become legitimate - Large institutions such as the Bank of England or Fed are now accepting Bitcoins for trading. Reditt, Baidu and other small businesses accept Bitcoin payments. You can also trade with Bitcoins through many Forex brokers and binary trading platforms. For more detail visit https://cryptolad.co/best-crypto-casinos/.