Given the growing importance of cryptocurrencies, of blockchain technology and, in particular, of Bitcoin, we return to examine the most popular cryptocurrency. In this case, we are interested in two questions that those who are meditating on whether to use Bitcoin will surely ask themselves. What are the most positive aspects of this cryptocurrency?
What are the main advantages of Bitcoin?
Payment Freedom: With Bitcoin, you can instantly send and receive any amount of money to and from anywhere in the world, at any time. No banks with schedules. Without Borders. No imposed limits. Bitcoin users always have complete control over their money.
Very low fees: Bitcoin payments are currently processed with low or no fees. Users can include a fee in their transactions to receive priority processing of transactions, resulting in faster confirmation of transactions by the network. In addition, merchant processors are there to assist merchants with transaction processes, converting bitcoins to fiat currency and depositing funds directly into the merchant’s bank account on a daily basis. As these services are based on Bitcoin, they are offered at much lower charges than those offered by PayPal or credit card networks.
Lower risks for merchants: Bitcoin transactions are secure, irreversible, and do not contain personal and private customer data. This protects merchants against losses due to fraud or fraudulent chargeback, and PCI compliance is not required. Also, merchants may operate in new markets where credit cards are not available or fraud levels are too high. This leads to better commissions, larger markets and less administrative costs.
Security and control: Bitcoin users have complete control over their transactions; It is impossible for merchants to force unwanted or detected charges, as can happen with other payment methods. Bitcoin payments can be made without being associated with personal information. This offers a high level of protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
Neutral and transparent: All information about the supply of Bitcoin is available on the blockchain for anyone who wants to verify and use it. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. Bitcoin can be trusted to be completely neutral, transparent, and trustworthy.