The Bitcoin market has been gaining immense popularity since the launch of bitcoin in 2009. Despite being a digitized payment option, digital currencies offer many more advantages like low transaction fees, fast transactions, etc. Every day, more and more people are getting into the bitcoin market. Here are some advantages people can benefit from choosing the bitcoin market.
- Fast transactions
Fiat currencies will take days and in some cases, weeks to complete the transaction. This is not what happens with bitcoin transactions. You can instantly get your money 24×7. As no intermediaries are involved in the transactions, no hassles and waiting time is there. With a bitcoin address, you can send money anytime from anywhere. Bitcoin transactions do not have any limits and the transaction once initiated cannot be reversed.
- Low transaction fees
While relying on banks and other financial institutions for transactions, you have to pay transaction fees in addition to the money you transfer. Transaction fees are necessary to withdraw money from your account. Bitcoin transactions do not charge any transaction fees. All you have to pay is just a small amount for the miners, which is an extremely low minimum.
- More privacy
Another attractive feature of bitcoin transactions is the anonymity it offers. Thus, it is a viable option for people who prefer more privacy in their transactions. All the bitcoin wallet users will hold one or more public keys to access their bitcoin address. The bitcoin address is just the information required to execute a transaction. Thus, you do not have to provide any of your personal information for a transaction.
As bitcoin features a decentralized nature, no financial institutions or government can interfere in these transactions. Therefore, people choose additional privacy and those who are completely against the system. While using traditional systems like credit cards or PayPal, there are chances for hacking, which can give complete financial records of the user to the hackers, helping them in fraudulent transactions. The unique blockchain technology used by cryptocurrencies eliminates this problem.
- No chargebacks
No chargebacks happen with bitcoins, which means, when a bitcoin transaction is made, no reversion is possible. The receiver has to keep the amount paid by the sender.
The security offered by fiat currencies is still confusing as cyber attacks have become a common thing around the world. But, by using bitcoin, all the transactions will be securely recorded within an open distributed ledger. Thus, any possible attacks on the ledger will be notified to the whole bitcoin community, making the transactions extremely secure.
- Open source
Bitcoins follow an open-source platform, allowing everybody to contribute to the development and improvement of the bitcoin network.
- No inflation
Fiat currencies may face inflation anytime. As bitcoins are decentralized, unlimited bitcoins can be mined, offering the market a fixed supply of bitcoins. Thus, the users do not have to worry about the devaluation of their digital assets as the only limitation bitcoin faces is the number of bitcoins that exist.