Why pay online using Bitcoin?
The wold has come a long way. From paying in barter to Bitcoins. The intent has taken over all of our ways of living. From ordering food to paying bills to even entertainment. We are living in a virtual world and the payments are getting virtual too. The unique payment mode of Bitcoins might not be the most widely accepted currency of payment, but in a couple of years, this could be the next biggest thing.
What exactly is Bitcoin?
Bitcoins are a peer-to-peer blockchain system that was devised for online monetary transactions. The payments made through bitcoin are processed from a private network or thought bitcoin dedicated servers. In this, each transaction is recorded on a blockchain network that updates the ledger on the profiles of every user. The more there is bidding and mining in bitcoins, the more the value rises. In laypersons’ terms — it’s like a golden coin currency, that has real practical usage.
Digital currency is still relatively new and there are many spaces where they render no application. There are very few bitcoin dedicated servers that accept this medium, but here is why It should be more widely used.
1. They are more of cash-like features. This means you do not need a bank, a card, a checkbook or any of these added elements to make transactions. This makes it a simple person-to-person medium that can be used seamlessly if it’s more practical. The lack of a financial mediator also gives us lesser rules of usage and freedom to hoard as much as we like.
2. There is no user fee. If you use a checkbook or a credit card, you will need to pay a fee for usage. With digital and cryptocurrency, there is no authority you need to pay commissions and convenience fees too. By simply owning the currency, and knowing which medium you can use them in — you can make your transactions interest free.
3. Anonymous Transactions. This is one of the most unique features of Bitcoins. When you use them to make transactions online, they do not revile any of your personal information but replace it with a unique alphanumeric address.
The uses are yet to be explored by the digital but it sure is a revolution in the world of digital money.