Pay Through Bitcoins – The Many Advantages

Sep 7, 2020 03:16 AM ET
Pay Through Bitcoins – The Many Advantages

Bitcoin is soon becoming the preferred payment system used by several businesses. With the use of Bitcoin as a system of payment, there is no longer any need to use debit or credit cards for shopping. 

Thus, Bitcoin is that virtual currency which has completely changed the way of making transactions – i.e., it does not require the use of cash or cards. Paying with Bitcoin comes with many advantages, which has led to its immense popularity. 

Let us understand a few reasons why paying with Bitcoin is beneficial for the users.

Maintain Your Secrecy 

Buyers are often hesitant to reveal their personal or financial information in any transaction. Paying with Bitcoin is especially beneficial in transactions, where counterparts are not happy disclosing their personal details. 

When a payment is made using Bitcoin, there is an advantage of anonymity. As Bitcoin carries out processing through a decentralized platform, it is not easy to find the identity of users.

When we talk about transparency in a payment system, then Bitcoin is the most transparent one. But, users have to remember that Bitcoin provides an acceptable level of privacy. To be on the safe side, it is the responsibility of the users to adopt all safe practices, when using the payment system.

In the present times, when there is an increased need for using digital cash, using Bitcoin is an ideal way of making payments. Besides, hackers are also not able to intercept any transaction. 

Bitcoin is Your Currency

Bitcoin is Your Currency

You have total control, ownership, and management of Bitcoins you possess. However, be careful with your password, and for total security do not share your password with anyone. When we compare this to our bank account, we find that Bitcoins are certainly a safer option. When we put money in our bank, we become the bank creditor. The bank plays the role of managing our money and on our behalf.

When we carry out transactions with ‘our money’, the role of the bank is like an intermediary. We need to trust the bank for transferring the amount we need. However, in the case of cryptocurrencies, it is different. When you are using Bitcoin, you do not have to worry about any kind of intervention on behalf of a third party or bank. These are usually peer-to-peer transactions.

Use Your Mobile for Making Payments 

As it happens in different types of the online payment system, Bitcoin users have the advantage of making payments from their mobile phones. Thus, all that is needed is a mobile phone and an internet connection. It implies that to pay using Bitcoins, there is no requirement to go anywhere or travel anywhere. There is no need to go to a bank to order a card. 

Thus, it also means that as users can receive and send bitcoins with just your computer or your smartphone, Bitcoin is available to people available in different locations. There is no need to visit any regional bank branch. 

Save Money by Paying Low Transaction Fees

When whenever we make any payment using Bitcoins, the transaction fees are quite less. Just make a comparison with the transaction fees which you pay for debit or credit card purposes. You will realize that you can save a lot of money when you choose Bitcoin as your payment system. When you are using Bitcoins for payment, you are not involving as intermediaries or third parties in the transactions. It is for this reason that you are paying a lesser amount as transaction fees.

This is quite beneficial for tourists or those who travel quite frequently. Besides, there is no delay in transferring digital currency. In the case of banking payments, we often wait for one or two days, but in the case of a bitcoin payment system, there is no need to wait for any time.

Send Money Easily

This is a unique feature of Bitcoin payment which makes it different from all other methods of payment. When any user is using this kind of system, it is possible to send and get money from any other person on this network. For such payments or transactions, there is no need to get any additional approval. There is no need to get permission from anyone.

Trace all Transactions Anytime You Want 

All transactions in the blockchain are verified. This is by a decentralized network of different devices. These are known as nodes. Each of these nodes is linked with the previous transactions. Such a network helps in developing a steady series of various transactions. All such transactions are continually updated. They synchronize continuously. This takes place on all the devices which participate in this blockchain network.

Now, how does all this benefit the user? This intricate networking eliminates all possibilities of any kind of manipulation by the third party. The sender cannot also reverse once the payment is done. Besides, it is possible for anyone to continuously verify the fact if the transaction has also taken place. It is possible to follow such a transaction through the block explorer.

Conclusion

Those who are looking forward to simple and easy ways of payment, Bitcoin is ideal. It is possible to make payments from any location and any country. As in the case of other financial transactions that require the furnishing of certain documents, Bitcoin payments do not require any such formalities. There is no need to show or submit any ID proof. The Bitcoin wallet program is required and nothing else. Just download it and your work is over. An address is generated which helps to finish the transaction.

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