Bitcoin’s operations are decentralized and no single entity is tasked to control it. The most attractive thing is that bitcoins costs less when transacted as compared to the other forms of debt settlements.
10 reasons given below-
- Immediate Settlements- Bank transfers or traditional debt settlements might take several days or even weeks depending on the location of both the parties. Payments are to be verified at first and this result in real time wastage. Bitcoins transaction is a game of few minutes regardless of the location of the parties. Bitcoins transaction is just one click away, just by pressing the send button and thus transaction gets completed.
- No unlawful act- Credit cards are prone to identity theft and also hacking. But with bitcoins transactions it is just the opposite. The owner sends exactly the amount that one wants to send.
- Low charges- As compared to normal transactions, bitcoins transactions cost very little as there is no involvement of third party. Without any additional costs, bitcoins are moved by the users between themselves. One can easily transact for free through bitcoin online exchange.
- Inaccessible markets goes accessible- Around three years ago, more than 2 billion people who could just use the internet because most of then use mobile internet. Some of them couldn’t access the traditional way of exchanging money. So, this means that those two billion people were able to transact using bitcoins and thus it was set to grow bigger and bigger.
- Value Appreciation- The value of bitcoin is tremendously increasing. It has been analysed that within the next ten years the bitcoin will be worth more than 100,000 dollars. So, it is clear that by investing on bitcoins is equivalent investing for your future.
- No paperwork- Bitcoin transactions do not involve any kind of paperwork. No requirement of address proof, or ID card even no passport is required for one to start trading in bitcoins. There is no limitation of having addresses. You just need one wallet to start your transaction.
- No reverse transaction- In traditional method of transaction there is this reversal option where transaction gets cancelled and you lose a lot of sellers. But this digital currency is the only method that has no reversal process.
- No tracking in bitcoins- Individual transactions cannot be traced unless one publicizes his or her wallet address. No one else will ever get to know how many bitcoins an owner has. So people find this level of security and privacy very attractive.
- There is no government agency involved. No government is in a position to freeze someone’s wealth because the database stores every redundant copy of the transaction and this gives bitcoin users absolute independence.
- Where there is no third party there is no way taxes to be paid. Government is unable to influence taxes in bitcoin transactions. This is a huge advantage in bitcoin transactions because there will be never a viable way of implementing a bitcoin taxation system since there is no involvement of third party.
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Cool, following you. Whats your current favorite coin/token?
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Release the Kraken! You got a 16.64% upvote from @seakraken courtesy of @palashmaji!
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