Posted: 05.07.2021 | 05:21
Advantages of Paying with Bitcoin
Thanks to the unique nature of digital currencies, there are some possible advantages to transacting with Bitcoin. Although it has only been in existence for twelve years, the digital currency markets are constantly changing and evolving. However, most tokens are not yet tested as a medium of exchange. As the leading cryptocurrency, Bitcoin is designed to offer its users many unique advantages over traditional payment methods.
It is crucial to measure the advantages and risks of using digital assets as a means of payment. Here are some examples where we can better understand how the leading cryptocurrency Bitcoin offers potential benefits to its users.
1. User Autonomy
For many users, one of the key tenets of cryptocurrencies like Bitcoin is autonomy. Digital currencies give their users more autonomy over their own currency than any other currency. Users can control their spending without the need for intermediaries such as banks or the government.
2. Measure (Discretion)
Purchases with Bitcoin are discrete, just like cash purchases. The user's buying, selling, transferring and spending transactions with Bitcoin are never associated with their personal identity unless they volunteer to publish the wallet or transaction information. It is also not easy to trace the identity of the user during or after the transaction. The anonymous Bitcoin address it creates for user purchases changes with each transaction. While transactions made with Bitcoin cannot be said to be anonymous and completely untraceable, in terms of its discreteness it is much less linked to the user's personal information than other traditional payment methods.
3. Peer-to-Peer Focus
The Bitcoin payment system is completely peer-to-peer. In other words, users can make transfers to any of the networks around the world or accept payments by transfer from any of them, without requiring approval from any external source or authority.
4. Elimination of Banking Fees
It is possible to charge for transactions called “market maker” and “market taker”, crypto money transfers, deposits or withdrawals on crypto currency exchanges. However, Bitcoin users during their transactions, traditional banking transactions; they do not have to pay fees such as account maintenance, card dues, minimum balance and return deposit.
5. Very Low Transaction Fees for International Payments
Traditional wire transfers and foreign currency purchases can involve high costs, and part of this charge is government payments as taxes. In Bitcoin transactions, transaction costs are kept very low as there is no intermediary or government intervention. In addition, it is possible to say that Bitcoin transfer is faster than money transfer, since the control and authorization of the transferred accounts depends only on the user and there is no intervention.
6. Mobile Payments
As with many online payment systems, Bitcoin users can pay with Bitcoin wherever there is internet access. This means that a person paying with Bitcoin never needs to go to a bank or store to purchase a product. It also does not need to share personal information to complete any transaction, unlike online payments with bank accounts or credit cards.
Because users can only send and receive Bitcoin with a smartphone or computer, Bitcoin is theoretically easily accessible to users who do not have access to traditional banking systems, credit cards, and other payment methods.