Initially, there were wild speculation about digital currency with many advocating against it. A decade later, many people are reaping from their initial investment in Bitcoin. The price of Bitcoin is now over $6000. Last year the price rose to $20,000, which caused a significant shift in the cryptocurrency market.
Even with all the positive progress experienced in the crypto-industry, many people are still skeptical about investing in BTC. They fear that the crypto-market does not have any more opportunities to offer. Some even say it is just a modern form of “tulipmania”. However, experts dispute this notion. We list some of the benefits that Bitcoin and cryptocurrencies in general bring to the financial markets.
Bitcoin offers Cheap and Fast Transactions
Cryptocurrencies offer fast transactions when compared to traditional money transfer methods. Operations conducted on the block are confirmed within a few hours while those in conventional financial systems take days and even weeks.
Transactions on the Bitcoin network are also cheap. One can spend about 0.0005 BTC to transfer Bitcoins from one account to another. This amount is extremely small when you compare it to the percentage charged when transferring amounts using conventional payment methods.
Those that are in the business understand the loss that comes with charge-backs. Unscrupulous consumers use the charge-back systems to defraud merchants across the globe. They receive goods in perfect condition and for some reason or another, they decide they no longer need these goods.
They then file a charge-back with their credit card or payment processing company to have their money returned. For example, PayPal gives priority to the consumer. Most payment companies simply withdraw the money from the merchant account and refund consumers.
If you are a merchant, you will have to lodge a complaint once the charge-back is done. It may take months to conclude the case.
By nature, Bitcoin is 100% irreversible. The money that merchants get is free from the possibility of charge-backs.
Bitcoin is Untraceable and Secure
People who love anonymity will love transacting with Bitcoin. This currency leaves no paper trail behind. No government or financial agency can trace this digital currency.
This helps keep your financial transactions safe and secret. In addition, no one can manipulate the Bitcoin protocol. The blockchain hides personal information from prying eyes, which prevents identify theft.
Easy to use Around the Globe
Cryptocurrencies are convenient to use no matter where you are in the world. People in countries that have trouble with their local fiat currencies are now resorting to Bitcoin for various transactions. One can also use BTC to send money to relatives across the world.
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