Bitcoin has been a comparatively new kind of currency. It has recently started to strike the mainstream markets. However, several critics have been of the opinion that usage of Bitcoins would be unsafe. They have cited the following reasons:
- They do not have authentic value
- They may not be regulated
- They cannot be used for making illegal transactions
Nonetheless, all the major marketing players would talk of Bitcoins. Find below some good reasons why it has been worth using this crypto currency. It would also offer you adequate knowledge on cryptocurrency prices to suit your specific needs.
When payments would be made by using banks, the transaction may take few days. Similarly, wire transfers would also take a significant length of time. On the contrary, transactions of virtual currency Bitcoin have been usually quick. It would be pertinent to mention here that zero confirmation transactions have been relatively instant, as the merchant would be accepting the risk that has otherwise not been approved by the Bitcoin block-chain. In case, the merchant requires approval, the transaction would take approximately 10 minutes. It would be relatively quicker than any other inter-banking transfer would.
Debit or credit card transactions have been deemed instant. However, you would be charged a fee for using this privilege. In Bitcoin transactions, the fees would be usually low. In most cases, it would be free.
It is decentralized
The thing about Bitcoin is it is decentralized. Therefore, chances are higher that no central authority could take away the percentage from your deposits.
Once you start trading Bitcoins, they are gone. You may not be able to reclaim them without the consent of the recipient. Therefore, it would become relatively difficult to commit chargeback fraud. It would not be wrong to suggest that people with credit cards have often experienced it. People have been known to purchase goods and in event of it being defective, they would get in touch with credit cards agency for making the chargeback that would reverse the transaction effectively. They would do it with a heavy chargeback fee.
Safety of personal details
Credit card numbers may be at the risk of being stolen during online payments. However, Bitcoin transaction does not require any personal details. You would require combining your private key and the Bitcoin key together for making a transaction. You should ensure that strangers do not access your private key.