Eight benefits of bitcoins
1. Payment Fraud Protection:
2. Less chance of identity theft:
Bitcoin transactions are completely anonymous. Bitcoin transactions do not require personal details or any sensitive information from the sender or receiver.This helps prevent identity theft. Credit cards or debit cards use a pull mechanism where they request your credentials and initiate a payment, then withdraw money from your account.Bitcoins use a push mechanism where you initiate a payment and send any amount to the recipient.
3. Quick settlement:
Bitcoin does not involve any third party to facilitate transactions. Funds are settled instantly and cannot be stopped or refunded once initiated.
4. Direct Transfer:
Transactions take place directly between users who are senders and receivers. There is no third party involved. Thus, it eliminates the fees of engaging an arbitrator.
5. High liquidity:
Bitcoin retains most of its value when converted to other real-world currencies while other cryptocurrencies lose value.
6. International Transactions:
Bitcoin is the easiest way to start international transactions. It charges no extra fees and settles the recipient instantly.
7. Independent:
No political or governing authority regulates Bitcoin. It has no political influence. Neither the government nor any authority can freeze or confiscate it.
8. Blockchain:
Bitcoin transactions are protected from tampering thanks to Blockchain.
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