Bitcoin is a form of virtual currency that is very popular nowadays. These virtual currencies are also called as Cryptocurrencies. Bitcoin is the most famous Cryptocurrency on the market now. The value of Bitcoin is very high when compared with other currencies. Bitcoin offers many benefits as a payment option compared to traditional currencies.
Over the past few year’s Bitcoin had some positive changes as a Cryptocurrency. More people exhibit financial inclusions to use Bitcoin, and digital transactions through Bitcoin are made more rapidly than ever before. People like to make everything fast. Waiting in for someone to attend, or front of the bank or even the ATM has become old fashion. With the people increasing day by day and lifestyle changing, there is no room for long waiting, making Bitcoin payments popular and convenient.
User autonomy – Paying with Bitcoin offers user autonomy. Bitcoin is a free virtual currency, and anyone can buy or spend it according to their wish. There are no governing rules to control as intermediaries, such as any financial institution or a geographic government. Certainly not the case with traditional currencies. Traditional currencies are used with an intermediary such as a bank or government. Here one cannot enjoy freedom completely.
There are other regulations, such as tax, etc., in the case of traditional currencies. But with Bitcoin, there are no such restrictions. People can transact and store Bitcoins as much as they want. There is no limit—traditional currencies are monitored and tracked by the government.
Here one is free to choose how he spends the money. HE can spend in bulk or as little as he wants. The payment record is also not found with Bitcoin. Every time one makes a payment, a new address makes Bitcoin highly convenient and safe.
Here individuals are in control. The person who makes the payment and the one who receives it is only the people who are in control. They are free to make their own choices—one of the greatest benefits of using Bitcoin as a payment option. Everyone likes to keep their privacy. Bitcoin offers this option to the users to remain completely anonymous and protect their privacy.
Discretion – The user who has made the transactions can publish the transaction details and by no one else, almost impossible for anyone to track the transactions made with Bitcoin. Hence it is a highly secure system of payment. The name text is not shown for transactions. Only the transaction ID or Bitcoin address is displayed. A unique address and is new for every transaction, a huge benefit as the transactions are almost invisible to hackers. If one does not want to make others know how he had spent money, Bitcoin payments are the option. There are several cases where hackers have hacked traditional currencies.
The bank details and other information has been hacked, and the money was lost. Bitcoin is highly secure compared to traditional currencies. Bitcoins are becoming popular with days going by, and they will soon be common in people’s lives. Many people are unaware of the convenience and security that Bitcoin brings in. Bitcoin transactions can be made within seconds with the utmost security. Discretion is the very reason many use Bitcoin as a payment option.
Accessibility – Accessibility is another advantage of Bitcoin. Users can make transactions using their computer or smartphone, and there is no need to depend on banks and authorities. There is no intermediary involved. Only a few clicks and the transaction are done. Traditional payments are done with intermediate authorities, and the approval of these authorities is a must.
There is continuous monitoring of how much money you have spent, the balance, how much money you receive, etc., but not the case with Bitcoin. Here, the payment details are anonymous, and only the parties involved have access to the information’s details. Security is an element of service expected by users for making payments, and Bitcoin bring the feature.
With Bitcoin, you don’t have to use credit cards to make payments. Debit and credit cards are not needed to make payments. Transactions can be made with the help of an address. One party sends the Bitcoin to the other party’s Bitcoin address, and the transaction is complete. It is easy to use the system to remit through a financial transaction. With technology developing and human beings trying to make everything fast, these payment options will become more popular and replace traditional techniques. It is a mode of payment on the go. Whether you are traveling or sleeping, you can make transactions that are highly secure and convenient.
Low transaction fees – Low transaction fees are yet another advantage of Bitcoin. Traditional payments can take a lot of time, especially if you are making transactions internationally. Some of these transactions can take days; its contrary to Bitcoin. Transactions are very fast, and there is no intermediary. In traditional commerce, once you transfer funds from one account to another account, it must be approved and transacted by the bank. In the case of Bitcoin, only the people who make transactions are involved. You make a payment, and the other party receives it. Comparing these advantages, Bitcoin is the mode of payment one needs to focus on making payments.
Also, exchange costs and fees are very less with Bitcoin compared with traditional methods. Wire transfers include high exchange costs and transaction fees. These are comparatively less with Bitcoin. The low exchange fees with a fast payment option make Bitcoin a very comfortable payment option. Transactions with Bitcoin can be very advantageous if you are a traveler. You can make transactions on the go without the need to depend on any intermediate authority.
Also, if you want to transact with a person in another country, Bitcoin is very convenient. There is no transaction limit or other regulations. Low transition fees are a great advantage with making payments through Bitcoin. There can be urgent cases for you to make a payment fast. With traditional currencies, there is a limit. But with Bitcoin, you can make these fast payments and meet your urgent requirement. Thus it makes a highly responsive and credible mode of payment.
Conclusion
Cryptocurrencies are certainly the future of currencies. Cryptocurrencies like Bitcoin outperform traditional currencies. Bitcoin offers many facilities and convenience to the parties involved. Many people have already started using Bitcoin as a mode of payment. Many companies are incorporating Bitcoin and other Cryptocurrencies to accept payments from customers.
The world is moving digitally, and these Cryptocurrencies certainly have a role to play in that. The advantages are plenty to list for using Bitcoin as a payment option. User autonomy, discretion, low transaction fees, accessibility are some of them. Bitcoins are easy to use and transact. Indeed we do not require an intermediary, and there are no regulations. One can use Bitcoins on the go. International payments can now be made easy with Bitcoin. It is the future of currencies.
