Why should I use Bitcoin?

Bitcoin is a relatively new form of currency that is just beginning to hit the mainstream, but many people still don't understand why they should make the effort to use it.

It's fast

Paying by cheque, international money transfers and other traditional forms of payments takes a long time, generally a couple of days.

Credit cards are instant to pay. But it takes longer for the merchant to receive the money in his account. 

With bitcoins, transactions are almost instantaneous. Bitcoin is the fastest way to transfer money.

It's cheap

For all existing forms of payment, you have to pay a fee to the bank, credit card company or the payment processing company.  

With bitcoins, the transaction fee is minimal and cheaper than all traditional payment systems. For micropayments, bitcoin is the first feasible payment system.

No central control

Bitcoin is decentralised. No central authority has control over it. So no one authority can devalue it. 

There are no chargebacks

For merchants using credit cards, especially for merchants selling digital goods, chargeback is a substantial risk.

Bitcoin transaction once done, cannot be reversed. This avoids chargeback frauds. 

People can't steal your information from merchants

You must have heard that your personal information has been stolen from large retailers and companies. This is because when you pay by credit card, the merchant has all your personal information.

Bitcoin transactions are like cash. You can send bitcoins without giving your personal information.

It isn't inflationary

Your local currency is issued by your country's central bank. Normally they print more money than they earn which is why your money loses value and things become more expensive over time. Your currency is inflationary.

Bitcoin's generation mimics precious metals like gold. It gets more expensive to generate bitcoins with time just like gold. Bitcoins supply will always be fixed and limited.

As more and more people adopt bitcoins, its value will go up and the price of things in bitcoins will go down.

It's as private as you want it to be

Bitcoin is like cash. It's private, just like the way payments should be.

On the other hand, the bitcoin ledger is transparent. Everyone can see the transactions happening in the bitcoin network. However, the transactions cannot be directly linked to a person or a company.

You don't need to trust anyone else

In traditional payment systems, you have to trust a central authority like a bank or a company.

With bitcoins, you or the recipient do not need to trust anyone for the transaction. When a transaction is done, computers all over the world verify the transaction within a short time.

You own it

With traditional money, you never own the money. It's either owned by the bank or by the payment processing company. If they decide to freeze your accounts, you cannot do much.

You have control over your bitcoins. You own your bitcoins.

It's cool

Why do you use Instagram :) ?

 

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