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Bitcoin – Why use it to make payments?

The wave of digitalization has digitalized almost everything, and one of them is currency. Earlier, the fiat currency was the most common medium of exchange, but it is now slowly getting replaced by cryptocurrencies such as bitcoin. Bitcoin is of decentralized nature and allows users to make anonymous transactions without involving any financial intermediary. If you want to invest in bitcoins, you must use the It has completely changed the online payment system and has made transactions quicker, cheaper, and smoother. Some of the advantages of using bitcoin are listed below.

User control

Fiat currency is the most common payment method worldwide, but the biggest drawback is that it doesn’t offer control to the user. It is entirely controlled by the government as it keeps proper track of all the transactions, and no user can make a transaction without being in the knowledge of the banking system. To make a transaction with fiat currency, you need to involve a financial institution like a bank and take its approval. It means the control of your money lies in the hand of authorities.

With bitcoin, you are the only owner of your funds, and you are free to use it as you want. Bitcoin transactions are direct, quick, and smooth as you need not involve any bank or take any approval from them. You have complete control over your funds, which allows you to make transactions worldwide without the inference of any financial intermediary or third party.

Convenient transactions

If you own a business, you must have to make a lot of transactions on a regular basis. Traditional transactions require you to handle a lot of paperwork, formalities with the involvement of different institutions, agents, and representatives. If you use common payment methods such as credit card and debit cards, you may also have to pay a hefty amount of money as transaction fees or charges.  It makes it a bit difficult and frustrating to make regular business transactions.

One of the primary reasons to use bitcoin is that it allows you to make transactions with great convenience. You need not visit any bank or handle any paperwork as it works on peer-to-peer transactions while allows you to transfer funds directly from your wallet to another person’s wallet. There is no middleman involved, which makes the whole process quick, convenient, and effortless.

Keep your information private

With a traditional banking system, you cannot keep any information related to your bank account or transactions hidden from the authorities, and if you can do it somehow, you may have to face some serious consequences. It makes it difficult to make such business transactions that you don’t want anyone to know about, but with bitcoin, it is possible as it allows you to make anonymous transactions with great comfort and ease. Bitcoin is a decentralized cryptocurrency, which means no authority has control over it.

Bitcoin makes it easier for you to make hidden transactions as all the transactions are recorded in the blockchain, which is a public ledger, but it doesn’t display any personal or financial information of the user. It is impossible to track a user on the basis of his bitcoin address, which ensures that all your bitcoin transactions are confidential and you send and receive bitcoins from any corner of the world without revealing your real identity.

Affordable transaction fees

If you have a credit card, you must be aware of the massive amount of taxes and charges you have to pay for making transactions. Credit cards charge high transaction charges, which makes it costly to make transactions. So, if you make a lot of transactions in a month, it will be better if you use bitcoins as it allows you to make global transactions at an affordable cost. The transaction charges charged by bitcoin is minimal as all you need to pay is the extra fees for using a third-party management service.

Bitcoin transactions are cheaper and faster, which makes it a way better option than traditional currencies. Transaction fees may seem to be little, but when the charges of multiple months come together, it becomes a considerable amount. So, you must shift to bitcoin as it allows you to make convenient transactions at a cheaper cost.

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