There are many advantages of using bitcoin over traditional currency. Here is a brief information about the advantages of using bitcoin to make transactions for goods and services.
People can use Bitcoin to make payments to other people or businesses. It is easy to use and very secure, with low transaction fees, and you can spend it directly from your computer, tablet or smartphone – ideal for online business transactions such as online casinos or investment funds.
Transaction value and time.
One of the most frequently mentioned advantages of using bitcoin is the cost associated with its use. As a rule, the standard fee for bitcoins transfer is 0.0005 BTC. At current exchange rates this is about $0.2. The average fee associated with wire transfer around the world or just over $40 (with the sender paying about $26 and the recipient about $15). Similarly, credit cards typically charge between 3 and 5% of the transfer amount, which will always be more expensive than a bitcoin transfer.
Also, if you want to send money by bank transfer to the international recipient, it will usually take a couple of days to one week. Payments by credit card can take up to 3 days. On the other hand, bitcoin transactions usually take about 5-10 minutes to receive confirmation.
If you’ve sold something at auctions like eBay in the past, you’ll probably be familiar with the concept of refunds. A chargeback is when a buyer of an item or service instructs their bank or credit card provider to charge back payments they sent to the seller. Obviously, this has advantages because it can help prevent fraud from happening on the part of the seller. But it has its drawbacks, and it is an easy way for sellers to deceive buyers of the payments they should have received. If you made transactions with bitcoin while selling goods online, you will not be subject to this kind of fraud, because transactions with bitcoin are irreversible. This doesn’t mean that the buyer can’t get a refund – it just means that both parties have to agree to the return transaction, and it’s not done automatically at the request of a financial institution that has little or no knowledge of the details of the original transaction.
You have your own account and keep it.
As things stand, you must trust commercial banks or construction companies to hold your cash on your behalf. As the numerous financial crises have shown, the trust we have in these institutions is often far from being desired. With bitcoin, you can keep your money online or offline in your bitcoin wallet and manage it as you wish. There are no interest charges or overdraft payments, and no government or company can get into your bitcoin wallet.
You can make anonymous transactions.
Currently, if you want to buy something online, you must release a lot of personal information to do so. Address details, date of birth, full name, email address and credit or debit card details are just some of the minimum requirements for online transactions, and releasing this information can lead to things like credit card fraud or identity theft. When you make a bitcoin transaction, all you need to disclose is your public bitcoin wallet address. This is a long stream of numbers and symbols that cannot be used to identify you. Obviously, this has led to a small number of people using bitcoins to make criminal transactions, and this has attracted a lot of media attention, but since bitcoins make the vast majority of transactions completely legally. So, that’s not all advantages of using bitcoin for online and offline transactions.