Bitcoin has an anonymous nature but in spite of this, it helps us a lot in changing the way you bank, give funds and make transactions from your account.
Serves as a Quick Primer
As someone can earn money by selling things, developing businesses and exchanging currency. Bitcoins can also be earned by working in the virtual world i.e. mining which will lead you getting paid in bitcoins by exchanging currencies, selling products, etc. It can be used by wallet owners on every counterpart which accepts bitcoins and it records every transaction which proves that transaction is authentic.
It’s Speculative Nature.
As primary usage of any currency is dependent upon its transaction of trades. Bitcoin is not acceptable widely by buyers and sellers but its use will increase soon. It is mostly used for illegitimate purposes e.g. buying drugs etc. It is also used for legitimate purposes such as in trades. Bitcoin has seen some developments and indicate positive adoption potential for the currency in 2014.
- Number of bitcoins users has increased 36,000-82,000.
- Number of bitcoin ATM users has grown from 4-340 all over the world.
- Many corporations e.g. Dell, Microsoft, Expedia etc. have started to accept the bitcoin currency.
Benefits of Using Bitcoin
There are many advantages of using bitcoins. Some of them are as follows;
- Transactions through Bitcoins are easy, cheap and fast. It costs very less than other money transfers. Bitcoin costs 0.2 THB per transaction, unlike other money transactions which cost 1300 THB per transaction which is far more expensive. Also by using credit card each transaction costs 3-5% which is also expensive. Bitcoin transactions confirm money transfer within an hour, unlike other international transactions which may take a few days or weeks.
- It is an irreversible charge. It is really critical that shipping your goods far away just to know that if a person onanother side will pay you or not or get back that charge. So it’s a main advantage of bitcoin that it is an irreversible transaction. So you should be very careful about sending bitcoin. Make sure that you are sending bitcoin to a trustworthy vendor.
- There would be no paperwork. You don’t have to provide any ID or proof of your ID and address unlike provided by other bank transaction. A person only needs to download bitcoin wallet and he/she will get bitcoins within minutes without any trouble.
- You can also have many addresses e.g. 1000 plus addresses on bitcoin wallet then you can have them at any address.
- It is easy to carry. You can have millions of dollars in your pocket in the form of a memory stick.
- It can’t be traceable.So regular agencies and organizationscan’t trace your location or place from where you have funded.
As mentioned above, you can guess how bitcoin transaction can transform the world. It just needs a startup which will definitely give a chance for its boom. In a nutshell, due to such a comfort and ease which bitcoin is providing will change the world.