With the increasing use of online transactions, numerous online payment methods have surfaced in the market. Debit cards and credit cards are quite common nowadays, but if we talk about an innovative and unique method to make payments, bitcoin is the most popular option. It is a virtual cryptocurrency that allows you to make instant payments. Some of its top features are listed below. Before investing in bitcoin there are many things about bitcoins that you must know.
Nowadays, it has become quite common to make online transactions as every business needs to make several transactions on a regular basis. With fiat currencies, there are several formalities you need to complete for making transactions. It requires you to take approval from the financial institutions before making a transaction which makes it highly inconvenient. There is a lot of formalities and paperwork involved. It is the primary reason that makes bitcoin a better payment method than fiat currency.
Bitcoin is a decentralised cryptocurrency that is free from the control of any kind of bank or financial institutions. One of the top benefits of using bitcoin as a payment method is that it allows the users to make direct and anonymous transactions. There is no third party involved which makes the whole process a lot quicker and convenient. You need not take any approval or face any kind of delay while making transactions. Bitcoin enables peer-to-peer transactions, which allows you to send and receive funds from any person and from any part of the world.
No one wants their financial and personal details to be leaked. But if you use traditional currency, you cannot help it as the banks have full access to your finances as well as personal details. They even keep track of your fund balance to check if you have enough funds available in your account. If you are one of those who want to keep your detail private and make transactions while keeping your identity completely anonymous, bitcoin is the right option for you.
Bitcoin provides the users with maximum provides and allows them to make highly confidential transactions. All the bitcoin transactions are peer-to-peer, so there is no risk of any data breach as there is no financial intermediary involved. You can simply send funds to any bitcoin users by inserting his wallet address. You need not provide any personal information or financial details. All the transactions are recorded in the blockchain, so there is no risk of getting your data leaked.
Trace your transactions
Fiat currency works according to the system established by the central government. It is not transparent, which is the reason that fiat currency transactions are impossible to be traced. Once you have made a payment, you can trace your funds as there is no way to do it once the funds leave your account. But with bitcoin, it is possible to some extent. Bitcoin offers excellent transparency when it comes to making transaction, as you can use blockchain technology to track your bitcoin transactions and know where your funds are.
It offers great convenience and an advantage when you make an international transaction as you can enjoy excellent transparency. The traceability of the transactions is the primary reason that bitcoin is the perfect payment method for making donations as you can trace them and ensure that the money goes into the right hands.
Most of the common payment methods have some additional charges imposed on them. There are different types of banking fees and charges that you need to pay while using the traditional payment methods. Bitcoin allows you to avoid all of such additional charges as the transactions are almost free of cost. There is no third party involved in a bitcoin transaction, so you need not pay any extra fees or charges to anyone. All the costs, such as deposit costs, withdrawal charges, annual cost, minimum balance charge, etc., can be avoided by simply shifting from fiat currency to bitcoins.
Instant international payments
It is high time and effort consuming to make an international transaction through the traditional payment system. But if you use bitcoins, you can make instant international transfers. Bitcoin allows you to transfer funds to any part of the world in a flash of seconds. Moreover, you need not pay any charges for making an international transaction.