Why Use Bitcoin?
The original intention of creating bitcoin was the need for an alternative form of transaction. It is a decentralized method of payment and does not work like international bank transfer, which is costly and never instantaneous. What can bitcoin be used for? Bitcoin can be sent and received instantaneously and also cost very little regarding transaction fees. Additionally, the use of Bitcoin removes the threat of expensive charge-backs.
It is also an irreversible form of transaction.
The Pros and cons of bitcoin still place it better than many other cryptocurrencies and its strong points, as described above, have been greatly limited due to the introduction of non-cryptocurrency kind of internal transfer and rapid development in the traditional domestic methods of money transfer. Bitcoin still has the upper hand over several other forms of money transfer. Some of these advantages will be described below.
Decentralized and digital
The decentralization of bitcoin is one of the factors working in its favor. With bitcoin, you can exchange value for money without going through any middleman or intermediary. Consequently, the fees are lower and you can control the funds better. Furthermore, transacting with bitcoin creates an immutable, more secure, cheaper and faster means of transaction bitcoin is controlled by the owner, while cash is controlled by the bank.
Ease of shopping online
You can buy items online very easily using bitcoin. All you need to do is to send the equivalent quantity of bitcoin to the seller’s bitcoin wallet. The bitcoin wallet is very easy to create, and the money in it is easy to spend, track and transfer.
Bitcoin is globally accepted and not as volatile as cash or local currency. As a result, it is easy to carry out online transactions without boundaries. Bitcoin is based on a unique technology that promotes an easy transfer of funds from one end user to another.
Great means of investment
You can invest in bitcoin and make a lot of profit as its value increases. The secret to this is to buy bitcoin when it is very low in value and sell it when the value increases. The fact that the cryptocurrency can be used globally without any conversion process makes it a very good means of investment and gives credence to its proof of stake. Investing in bitcoin is even better than investing in gold. Banks and governments never impose any limitation or restriction on such an investment. Additionally, the investment never needs to go through banks. However, anyone investing in bitcoin needs to get updated news about its value on a constant basis.