Skip to main content

Good Reasons to Use Crypto-Currency Bitcoin

Bitcoin is a comparatively new type of currency that has just started to strike the mainstream markets.

Critics state that using Bitcoins is unsafe because -



  • They have no authentic value


  • They are not regulated


  • They can be used to make illegal transactions

Still all the major market players talk about Bitcoins. Below are some good reasons why it is worth using this crypto currency.

Quick payments - When payments are made by using banks, the transaction takes some days, similarly wire transfers also take a long time. On the other hand, virtual currency Bitcoin transactions are generally more rapid.

"Zero-confirmation" transactions are instantaneous, where the merchant accepts the risk, which is still not approved by Bitcoin block-chain. If the merchant needs an approval, then the transaction takes 10 minutes. This is much more rapid than any inter-banking transfer.

Inexpensive - Credit or debit card transactions are instant, but you are charged a fee for using this privilege. In the Bitcoin transactions, the fees are usually low, and in some cases, it is free.

No one can take it away - Bitcoin is decentralized, so no central authority can take away percentage from your deposits.

No chargeback - Once you trade Bitcoins, they are gone. You cannot reclaim them without the recipient's consent. Thus, it becomes difficult to commit the chargeback fraud, which is often experienced by people with credit cards.

People purchase goods and if they find it defective, they contact credit cards agency to make a chargeback, effectively reversing the transaction. The credit card company does it and charges you with costly chargeback fee ranging from $5-$15.

Safe personal details - Credit card numbers get stolen during online payments. A Bitcoin transaction does not need any personal details. You will need to combine your private key and the Bitcoin key together to do a transaction.

You just have to ensure that your private key is not accessed by strangers.

It is not inflationary - Federal Reserve prints more dollars, whenever the economy is sputtering. Government injects the new created money into the economy causing a decrease in currency value, thereby triggering inflation. Inflation decreases people's power to buy things because prices of goods increase.

Bitcoins are in limited supply. The system was designed to quit mining more Bitcoins on reaching 21 million. This means that inflation will not be an issue, but deflation will be triggered, where prices of goods will fall.

Semi- anonymous operations - Bitcoin is relatively private, but transparent. The Bitcoin address is revealed at the block-chain. Everyone can look in your wallet, but your name will be invisible.

Easy micro-payments - Bitcoins allows you to make micropayments like 22 cents for free.

Substitute of fiat currencies - Bitcoins are good option to hold national currencies experiencing capital controls, and high inflation.

Bitcoins are getting legitimate - Major institutions like the Bank of England and Fed have decided to take Bitcoins for trading. More and more outlets like Reditt, Pizza chains, WordPress, Baidu, and many other small businesses are now accepting Bitcoin payments. Many binary trading and Forex brokers also allow you to trade with the Bitcoins.

Bitcoin is the pioneer of new crypto-currency era, the technology that gives you a peek into future currency.




Source by Mohammed Abdul Nadeem

Popular posts from this blog

Commoditizing the world

Let's discuss commodities; With the latest Enron situation, it is important to understand the way things work. A commodity is anything useful, especially a transportable agricultural product or mining product. This comes from the Latin word "commoditas" meaning roughly advantage, convenience. So then what is a commodity? Well we consider Gold, Silver, wheat, corn, pork bellies, coffee, etc all commodities. If you look in the back of the WSJ or Investors Business Daily you will see a listing of all the commodities traded on the commodities exchange. Enron made some errors no doubt, but let's not judge all commodity markets in haste. Commodity trading works best when there is a stable instrument of trade. Sometimes the instrument of trade is actually the commodity. If you looked most countries of the world today you would find that there are three basic instruments of trade; money, as in currency, precious metals and gems, drugs; like cocaine, opium, and

6 Incredible Benefits Of the Cryptocurrency

Over the past few years, people have been talking a lot about cryptocurrency. At first, this business sounded scary but people started developing trust in it. You may have heard of Ether and Bitcoin. They both are crypto currencies and use the Blockchain Technology for highest security possible. Nowadays, these currencies are available in several types. Let's know more about it. How Can cryptocurrency help you? As far as fraud is concerned, this type of currency can't be faked as it's in digital form and can't be reversed or counterfeited unlike the credit cards. Immediate settlement Buying real property involves third parties, such as lawyers and notary. So, delays can occur and extra costs may incur. On the other hand, Bitcoin contracts are designed and enforced in order to include or exclude third parties. The transactions are quick and settlements can be made instantly. Lower fees Typically, there is no transaction fee if you want to exchange Bitcoin or any other cu

Combining Forex Trading With Gold Trading

Combining forex trading with gold trading can be highly lucrative. If you have been following gold prices, you must know that gold prices have reached their historical peak in the recent times. Gold prices recently broke the historical barrier of $ 1,000 per ounce and now hovering around $ 1,150 per ounce. Market is anticipating a US Dollar depreciation. Whenever, the markets become jittery, investors start buying gold as a hedge against the US Dollar. Last year, after the stock market crash, many investors started investing in gold as a safe haven against the turmoil in the financial markets. Gold and US Dollar have an inverse correlation relationship. Gold and US Dollar are almost near perfect mirror image of each other. US Dollar depreciation during the global financial uncertainty has been the primary reason for the gold appreciation as it is viewed as the ultimate form of money. Gold is also seen as the primary safe haven commodity. Countries like China, Russia and I