Merits of using bitcoins over other currencies

bitcoin

It is a fact that bitcoins are becoming more famous and many investors are trading it on a daily basis. There are numerous reasons for its massive growth and when compared to normal national currencies using bitcoins have huge benefits and a few of them are listed below:

  • This crypto currency does not have any central authority to control it, which means the transactions made with this digital money are peer to peer and there is no involvement of third party.
  • One does not need to worry about devaluation of the bitcoin price, as there is no influence of any government. In addition to that, since it is standard worldwide currency, it will not be influenced by geo-politics.

bitcoin

  • Inspire of recording all transactions in blockchain which is a public ledger, bitcoin transactions will not reveal the identities of both sender as well as receiver to anyone.
  • Since personal information cannot be known and no one can track the transactions, it is easy to do illicit transactions, which is not at all possible with normal bank transactions.
  • There will be more restrictions when one thinks to transact money using ordinary bank transactions but in case of bitcoin transactions users are absolutely free to do anything.
  • Transacting money from one country to another takes several days to take place but transacting bitcoins can be done within a few minutes with an internet connection.
  • Unlike traditional currency, this virtual currency is extremely easy to use and you can send and receive funds with the help of digital wallets which is free of cost.