What are the most prominent reasons to use bitcoin?
Cryptocurrency is undoubtedly the most popular topic for the past few years, and it has attracted numerous users from all over the world. Among different types of cryptocurrencies floating in the market, the most popular one is bitcoin. Bitcoin is completely decentralized, and no institution has any control over it. Adding to it, you are free to do anything with as bitcoin transactions are untraceable and keep your identity hidden.
If you love shopping, you can use it and purchase different goods online, and if you are looking to make some profits, you can use it for trading through the online trading platform and earn a considerable profit, try it now. Bitcoin can easily be stored in bitcoin wallets, and you can use these wallets to make the person-to-person transfer without any delays or failures. Bitcoin transactions are quick as it doesn’t require any verification from a bank.
Bitcoin is still a new concept for some people, and most of them hesitate to buy it as they are not fully aware of its benefits and uses. So, if you think that bitcoin is not a good investment, then you must read this article as the following uses of bitcoin will surely change your mind.
No risk of chargebacks
A chargeback is a situation when a person reverses his payment made through a credit card. It is a common way of doing fraud with sellers by making online payments. You can easily remove this risk by accepting bitcoin payments as they can’t be reversed. Once a bitcoin is transferred from one wallet to another, there is no way to retrieve it.
So, if you are accepting bitcoin payments, then you need not worry about chargebacks as it is impossible. The only way to get sent bitcoins back is if the receivers sent them back himself. The zero risks of chargebacks have made bitcoin quite popular among sellers.
Inflation has no impact on it
Another great advantage of using bitcoin is that there is no impact of inflation on the value of bitcoin. If we talk about fiat currency, then its price and supply can be controlled by the government, and they can alter it according to their needs and requirements. There is no such thing as bitcoin as it is a decentralized currency, free from the risk of inflation.
There are limited bitcoins that can ever be mined, which ensures that this currency's price will incline in the future, and it will also increase the purchasing power of users who own bitcoins.
Keeps your details hidden
It is entirely a private matter that what you bought and from where but using traditional payment methods like debit cards doesn't allow you to enjoy that privacy. All debit and credit transactions are recorded and tracked by the banks. Bitcoin transactions are also recorded on a blockchain, but it only has the wallet address.
No one knows who owns that wallet and his personal details. So, you can stay anonymous while making bitcoin transactions and need not worry about someone keeping an eye on your transactions. The address keeps on changing with each transaction, which makes it impossible to track.
Mine your own bitcoins
As you all know, only the government has the right to print fiat currency, and if any normal person tries to do it, he would have to face serious consequences. But with bitcoins, it is completely opposite as you can create your own bitcoins with bitcoin mining. Bitcoin mining requires powerful computer systems that can solve complex mathematical equations and create bitcoins.
All you need to do is buy a system which quite expensive, and once you have recovered your invested amount, you can simply leave it running and mining bitcoins for you.
No control of the government
Traditional currencies are controlled by the government, and it can declare it as invalid at any moment, and you won’t be able to do anything about it. For instance, in 2013, the Cyprus government declared that all unsecured deposits would be taken over by the government, which made several people lose their money.
This situation cannot occur if you are using bitcoin as there is no authority who controls bitcoin. You are the real owner of bitcoin, and no one can take it from you.
Photo: Clifford Photography, Unsplash
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