Before Bitcoin was invented, digital currency was something only a few could contemplate. These days, though, cryptocurrency is thriving.
However, even with the astounding rate of adoptability, there seems to be significant pressure to paint Bitcoin as something suspicious and best avoided. But that argument is nearly impossible to make, as global acceptance of paying with Bitcoin has become increasingly prevalent.
E-commerce websites, and major companies such as Starbucks and Whole Foods, offer Bitcoin as payment, and more are added to the list every day.
If you’re storing coins in your secure Bitcoin wallet, here are a few reasons why you should pay with the cryptocurrency.
In a traditional banking system, you’re not exactly in control of your own money. Granted, banks are legally required to follow the rules, but what happens during an economic bust cycle?
Suddenly, a bank has crashed, and all the funds are gone – it has happened before. This lack of autonomy is one of the main appeals of cryptocurrency, as users are in complete control of their assets.
Furthermore, Bitcoin is not governed by a single regulatory body but a decentralized network that doesn’t permit third-party interference.
When one person is sending funds to another, there is no intermediary whose authorization is required.
Traceability of Transactions
Another significant benefit of the decentralized system of Bitcoin is continuous traceability of transactions. Every single global Bitcoin transaction ever made can be tracked via a blockchain explorer.
That’s because the network nodes verify every transaction. A blockchain explorer contains all the relevant details that describe the transaction, such as hash rate, timestamp, and transaction data.
This type of traceability means that manipulating Bitcoin payments is impossible.
Pseudonymity of Transactions
If the traceability of the transactions concerns you in any way, keep in mind that users remain pseudonymous. A blockchain address can only verify a transaction.
One person can have multiple addresses provided by a secure Bitcoin wallet app. Keep in mind that Bitcoin was previously presumed to be anonymous, but that hasn’t been the case in quite a while.
Zero Banking Fees
Did you know that in 2020, the large US banks made over $12 billion in overdraft fees alone? Essentially, banks have generated huge sums from people with no money in their accounts.
While perfectly legal, these and many other bank-related fees are one of the reasons why investing in cryptocurrency is a welcome alternative.
With Bitcoin, there are no overdraft charges to worry about and zero deposit and withdrawal fees. You don’t have to pay to maintain your Bitcoin account, nor are you obliged to maintain a minimum balance in your secure Bitcoin wallet.
Low International Transaction Fees
Bitcoin does have transaction fees, and these will vary depending on several different factors, including which exchange platform you’re using.
But Bitcoin international payments are still significantly less costly than standard wire transfers.
International transactions also involve the costs of currency exchange, which often have less favorable rates.
Since Bitcoin transactions don’t have intermediaries, the price of the transaction fee isn’t impacted by borders. This makes Bitcoin perfect for travelers and those who shop online from international brands.
Transactions Are Irreversible
One of Bitcoin’s most important characteristics is that a transaction is irreversible. There are no caveats to this rule and no systems in place that could reverse a transaction even if someone tried.
While this feature might cause a problem for a user who has sent a payment to the wrong address, the benefit is more significant.
A transaction between two parties can’t be stopped, amended, or in any way affected by any financial institution or government body.
Transactions Are Secure
Finally, it’s essential to focus on security as it’s a top priority for most users. But are Bitcoin transactions secure?
As it’s not a physical currency and can’t be stolen, it’s much more secure. Even when paying online with Bitcoin, your information is safer, and there are fewer chances of getting hacked.
Be Your Own Banker With Bitcoin
Cryptocurrency has undoubtedly been a hot topic lately, but there’s one aspect that’s often left out of the conversation. Digital money, and Bitcoin, in particular, are based on trust.
It’s a completely decentralized currency that exists and thrives on the efforts of people believing in the same idea. All of which tells us that there is an incentive among many for Bitcoin to become the leading payment method.
By paying with Bitcoin, you choose security, transparency, pseudonymity, and removing the meddling third-party entity.