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Paying with bitcoin: The advantages

The use of bitcoin has proved to be very advantageous to people from all around the world.

mastercard on smartphone with cryptocurrency behind it
Image: KnowTechie

With the advances of bitcoin, people have started to understand the benefits of using this medium and have made full utilization of this. While there are several basic advantages that these cryptocurrencies have over traditional currency, they also do some with a number of risks. The most important thing about cryptocurrencies is that they can be used as a medium of exchange and are also great investments if done properly.

With Bitcoin Era, investing in Bitcoins is made easier while paying with Bitcoins becomes even more relaxed. Bitcoin was initiated in order to establish some benefits over traditional currencies and now with over 7000 cryptocurrencies in the market, the world of virtual currency has never been better. 

Discrete Transactions

Bitcoin helps you to make transactions without having to disclose your identity. Bitcoin transactions are virtually anonymous in nature if you take the right precautions. While it is true that every transaction you make is noted and can be traced in the public ledger that keeps the identity cannot be disclosed from such transactions very easily.

Bitcoin addresses that are generated for an individual transaction are usually changed every time which makes it very difficult to track your identity without specialized software. While the government and federal agencies may get access to your identity using such software, it is highly unlikely that this happens regularly. This makes bitcoin transactions much more secure and discrete in comparison to traditional currencies.

Autonomy

One of the most important aspects of any cryptocurrency and what makes most people attracted to this system is definitely the user autonomy that comes with using Bitcoins when making transactions. In theory, digital currencies offer much more autonomy to the users regarding their money which makes them very lucrative.

This is not something that people can enjoy with traditional currencies. User autonomy helps people to have complete control over how much money they own and how and where they spend it without having to deal with intermediate organizations. 

No Banking Fees

Cryptocurrencies are not available in traditional banks and there is not much that banks have to do with these virtual currencies. While it is true that you do not have to pay any banking fee when it comes to using cryptocurrencies, there are other fees associated here.

These include the taker and maker fees as well as withdrawal and deposit fees that may be charged at times. You do not have to have a minimum account balance nor do you have to pay an additional amount for account maintenance. This makes cryptocurrencies easier to deal with and a better medium of transaction. 

Easily Accessible

While many people find cryptocurrencies to be very daunting, the truth of the matter is that cryptocurrencies are made for one and all. They can be accessed from your mobile phone no matter where you are which makes them super easy to work with. Even if you don’t have traditional money, with cryptocurrencies, you will be able to make transactions globally.

Minimum Transaction Fee

When you make international transactions, there are several factors associated here which surges the price of even an ordinary article. Foreign purchases often are associated with transactions fees as well as exchange costs. However, when you use cryptocurrencies, you will be able to be exempted from such costs which makes them very easy to work with.

The government does not have any hand in regulating Bitcoins, hence it is possible to keep the transaction fee to a bare minimum. Not only is this very advantageous for travelers but also those who like to purchase things overseas. Moreover, transactions using Bitcoins take place very fast, often in a matter of minutes. There are no intermediate agencies to depend on and you don’t need any Authorization to make your transaction successful. 

The use of bitcoin has proved to be very advantageous to people from all around the world. With more popularity and acceptance of Bitcoins and other cryptocurrencies, they are soon becoming an important mode of transaction. With each passing year, bitcoins are getting one step closer to becoming mainstream which is great news for virtual currency owners around the world. Get your hands on these currencies for great returns!

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