Bitcoin is a modern currency that cannot be seen or touched but you can use all of the advantages of a bitcoin to make purchases and transactions all over the world.
It is a decentralized cryptocurrency based on blockchain technology.
Bitcoin is way better than the traditional currency as it offers several incredible benefits.
Advantages of a Bitcoin: Impossible to Duplicate Transactions
Nowadays, frauds and scams have become quite common, and there are several loopholes in the system of online transactions.
This has increased the risk to a great extent.
One of the biggest benefits of using bitcoins is that it is based on blockchain technology.
Blockchain is a public ledger that records all the bitcoin transactions after verifying each one of them.
It is an encrypted public ledger as everyone can access it, but no one can make any changed to the recorded data.
Bitcoin transactions are put in blocks, and all of them are linked with the help of cryptography.
It removes the need for any financial intermediary and makes the data record immutable.
Once a bitcoin transaction is recorded in the blockchain, no one can make any changes to it which minimizes the risk of duplicate transactions to zero.
One More Advantage of a Bitcoin: Easy Peer-To-Peer Transfers
There are several payment methods available.
But most of them are linked to the banks and allows you to make transactions only after taking approval from the bank.
It consumes more time and effort. If you want to make instant transfers, bitcoin is a good option as it is a digital currency that allows you to direct peer-to-peer transactions.
Bitcoin has a vast network with numerous users, and it allows you to make an instant transfer to any user on the bitcoin network.
With traditional payment methods, you need to take approval from a financial intermediary before making a transaction, but there is no such thing with bitcoins.
You can make bitcoin transactions in a flash of seconds without asking for any approval from anyone. It is highly convenient and saves time.
No Risk of Chargebacks for Sellers
It is irrefutable that the advantages of a bitcoin are feasible for the buyers, but it is also quite useful for sellers too.
There are numerous sellers all over the world who have started accepting bitcoin payments as it offers them excellent convenience and minimizes the risks.
Some buyers using credit cards make a purchase and later cancel the payment, which makes the seller face massive losses.
It has become an alarming issue for merchants with the increasing use of online payment methods.
Bitcoin has removed this problem and has made the transactions more secure.
Bitcoin transactions take few seconds to verify, and once they record a transaction in the blockchain, it cannot be canceled or modified.
It removes the risk of chargebacks and allows the sellers to accept bitcoin payments without any issues.
Simple Global Transactions
Nowadays, global trade has become quite common, but one of the major issues related to it is transactions.
Traditional payment methods do allow you to make transactions.
But it’s a highly complex procedure, requires a lot of paperwork and formalities, takes several days to complete a single transaction.
If you want to make quick global payments for your business and save your precious time, you must use bitcoins.
Bitcoin is a decentralized cryptocurrency.
They use it around the world as a common medium of exchange.
So, you need not exchange the currency for making a transaction to any other country.
Moreover, bitcoin transactions are quick, so you can send and receive funds almost instantly from any corner of the world.
If you use fiat currency to make an online transaction, you need to pay some extra amount as transaction amount or charges.
Most of these methods have hefty transaction charges imposed on which makes the transactions more expensive.
So, if you want to save some money, you can use bitcoins for making payments.
It is a decentralized currency which means there is no bank or financial institution involved.
This allows you to make easy transactions at a minimum cost.
Petr is a serial tech entrepreneur and the CEO of Apro Software, a machine learning company. Whenever he’s not blogging about technology for itechgyan.com or softwarebattle.com, Petr enjoys playing sports and going to the movies. He’s also deeply interested in mediation, Buddhism and biohacking.