INCREDIBLE BENEFITS OF BITCOINS.
Bitcoins not just a marketing gimmick anymore. More than 80,000 businesses are already on the bandwagon. There are innumerable benefits of using bitcoins as a part of the payment system. One of the primary advantages that it has over traditional banks is the fact that it allows international payments to go through without the worry of currency conversions. Below are some of the incredible benefits of bitcoin:
1. No Risks Of Inflation: With bitcoins, there’s basically zero risks of inflation. Inflation usually occurs when the Government issues more money over the year, decreasing the purchasing power of the people, on the whole. But the bitcoin system was created with the sole purpose of being finite (and that number is speculated to be around 21 million). Thus, without the possibilities of issuing excess currency, the threat of inflation comes down to almost zero. This point benefits both the seller and the buyer, in general.
2. Lower Fraud Risks For Buyers: Bitcoins make it possible for buyers to complete their payments without divulging any sensitive financial information (like credit or debit card details) to the seller. Thus, they enjoy a certain degree of financial anonymity that most credit cards fail to offer, Bitcoins act more like a digital cash that hackers cannot intercept in any possible manner. At the same time, your identity is also concealed for good. This helps a lot in preventing targeted data breaches like the UPS Store breach.
3. Reduced Transaction Fees: Transaction fees for bitcoin payments are significantly lower in comparison to the ones made for credit and debit card purchases. This feature alone should make it a favorite go-to destination for small business ventures.
4. Easy To Use In Any Situation: As far as international transportation of bitcoins is concerned, the job is as easy as a piece of cake. You can even use the same currency in a different country without going through the pains of contacting the local bank for any purpose of currency conversions.
5. No Involvement Of Any Third Party: The entire process of bitcoin transactions is peer to peer. There’s no involvement of a third party. No one can freeze, tax, or claim your coins. They cannot be stolen and cannot be seized by the government in no possible circumstances.
6. Quick Payments: Credit card funds can be locked up for as long as a week (or even more) in case a customer asks for a chargeback. Thus, payment delays occur for apparently no reason whatsoever. This is generally not the case with bitcoins. They are usually much quicker in comparison to conventional credit card settlements.
7. A Safer Ecosystem: Each bitcoin wallet transaction is signed by an authentic digital signature before it is sent to a blockchain.This complete process makes the app a safe place for storing and exchanging cryptocurrencies.