The Advantages Of Using Bitcoin
Bitcoin is a digital currency that is created and controlled electronically. While most people believe that Bitcoin is just like regular currencies, the truth is actually far from that. Bitcoin is very different from regular currencies as regular currencies are government controlled while Bitcoin is not. Bitcoin cannot be printed as it is called digital currency for a reason. Instead, it can be produced or ‘mined’ using software that is programmed to solve mathematical problems.
Currently, Bitcoin is valued at $660 but five years ago, it was only a few cents. This means that Bitcoin has grown beautifully in only a few short years. With its growth also comes the increasing number of people who use Bitcoin. If you are wondering how Bitcoin works well, you would need to download an app, a Bitcoin wallet, that you can use to store your bitcoins. To get bitcoins, you can either purchase them at Bitcoin exchanges or you could create or mine your own bitcoins. But it isn’t just people who are using Bitcoins now but a lot of businesses like restaurants, firms, apartments, and online services like Microsoft and Dell as well.
Using Bitcoin comes with many different advantages. Here are some of them:
- Freedom in Payment. One of the best things about Bitcoin is that it allows you total control over your money. Bitcoins can be sent at anytime of the day, any place and you wouldn’t have to fear holidays or borders or even imposed limits.
- Inexpensive Fees. The transaction fees in Bitcoins are only minimal and there are even times when they are free which makes Bitcoins highly inexpensive and ideal.
- Instant Transfer. Unlike with banks that can hold your money for several days, Bitcoin transactions are instant and could only last a few minutes.
- Security and Control. The best thing about Bitcoin is that you can make transactions and purchase anonymously which can help protect you against identity theft. You don’t also have to give important and personal information as transactions would only require your digital keys. This makes Bitcoin for individuals and merchants much safer.