Bitcoin is a backlash from the Great Financial Depression that engulfed the global community in 2008. It was then invented to stay away from the traditional fiat currencies that were totally under the control of the governments of various countries. At the time of its launching, Bitcoin was envisioned as a means of daily payment made by people. And thus, it was created to become a decentralized form of a cash transaction in the peer-to-peer chain. And Bitcoins, a decentralized form of a cash transaction, is the primary reason it had so many takers. Read more about interesting crypto news in trustpedia.io.
The Advantages of Using Bitcoins
Using Bitcoins as a mode of payment does have its share of benefits, or why will it become so popular? Now, what are the benefits that have made the coin so popular in such a short time? Let us see into the reasons. The benefits of using Bitcoins can be like:
Bitcoins enjoy the absolute autonomy that traditional fiat currencies do not enjoy. They are totally under the control of the government and thus have many binding rules and regulations which Bitcoins do not have. Thi,s in reality, users have the freedom of control of their assets.
When you make transactions with the fiat currencies, there is a record of every transaction in the banks’ books. But there is a certain catch here. Every detail is shared and stored there, which will give away your identity if the need arises. But with Bitcoins, your identity is protected. Even this system can identify you by using the blockchain address. But your identity is otherwise totally protected.
Low Transaction Fees and Less Time Taken
In this money transfer system, the transaction fees are relatively lower compared to the traditional banks, which are added as another benefit. But the same cannot be said of the conventional banking system, which charges huge transaction fees, and the time taken is very little. In this regard, it can be said that international money transfer is easily done with very less fees charged in the process.
Irreversible And Safe
Bitcoin transactions are irreversible, so you cannot change your transactions once they are made. Thus, they are deemed to be very safe. As such, there are no chances of your transactions being meddled by hackers.
5 Uses Of Bitcoins
Bitcoins are very valuable and can be easily used in many ways. Of the many ways it can be used, we will mention 5 of the most common usages of Bitcoins. They are:
This is one of the most practical utilities of Bitcoins. You can send and accept payments from all over the world in less than the time taken by conventional banks. And this happens for almost no charges you would otherwise pay with the banks. All payments sent and received happen instantly without any third-party control for no other fees also. The cost is so negligible that it is worth transferring money using Bitcoins.
Payment Made in Luxury Hotels
Different luxury hotels worldwide accept payment for their food, beverages and boarding in terms of Bitcoins. They are ready to take your Bitcoins in exchange for the services and goods they serve. Even travel agencies worldwide accept this payment for booking with them.
Store Of Wealth
Bitcoins are a safe form of alternative wealth that you have no fear of getting frozen, unlike your accounts in your various traditional banks. And no one other than the people authorized with the private key has access to it. There is little chance of malpractice. But you cannot do h the fact that if your account is hacked, you stand to lose everything.
Transferring To Charities
Often while transferring money to charities, there are chances that your money gets leaked out, and misuse of it happens. But if you transfer with Bitcoins, no one can do this because it is not within easy reach of all people. It even allows donations without their names being flashed out. In short, corruption can be avoided.
Renting Out Hard Drive Space To Cloud
If you have spare hard drive space, then you are in for some bit of luck. This is because you can rent that out in exchange for Bitcoins from the users of your hard drive. But this happens on a peer-to-peer basis.
So Bitcoins are very useful as a means of money transfer in many ways. These are some of the most frequently used and common methods of using Bitcoins, along with some advantages added to them. So you now know very well why owning Bitcoins is one of the best things to happen to anyone in this world.