Advantages to use Bitcoin as Mode of Payment

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What was in minds of SatosiNakamoto and his associates, while introducing a cryptocurrency called Bitcoin. To introduce an investment opportunity the same as the stock exchange market, forex or commodities were absolutely missing in their minds. The major aim was to introduce a virtual currency entirely free from any state authority and having no binding of central authority. A person having this currency must be free from third-party mediation. Choose an appropriate platform like bitcoins union to make money online. What they mean by virtual, the currency to be not in the form of papers or plastic card, Just a computer file operating through a software. The following are the advantages to use bitcoins as a mode of payment. 

  • Anonymity of the User

In usual course of the transaction, one has to disclose his identity to a third party like a bank or other financial authority. Some businessmen feel that their data is not secure when making online transactions. There is no central authority, all the process goes through by a decentralized process. 

 

  • Minimizing the risk 

The process to make transactions through Bitcoins is very safe and secure as there is no third party involves in it. Transactions are made with just a click of the computer. P2P transactions, missing of the third party, and to be free from any state authority minimize the role of risk. 

 

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  • Low transaction Fee 

As compare transaction through a bank, the transaction fee is very low. There are no service charges, no linkage with the currency rate. In plastic currency like debit or credit cards, there are to some extent more charges incurred by the bank. But Bitcoin is free from these additional expenditures. 

 

  • No reversal of the transaction

Some small business men have a reservation that in case of the transaction through a bank in the normal course of proceedings or through credit card, the sender has the option to stop payment before it going transacted. 

 

  • No tax on Merchandise 

While making transactions through an ordinary process, the government agencies have the opportunity to impose the tax. In case of payment through bitcoin, no state agency is aware of the business going on. So making payment through Bitcoins there is no need to worry. 

 

  • Ease of transactions

The person of any age group can carry out Bitcoin transactions. One  will not be asked to furnish proof of Address, ID card, or passport details to send or receive bitcoins. Only the need is to open your bitcoin account called bitcoin wallet, apply your password and send the payment with just a click of the computer. 

 

  • Transactions through  Mobile  phone 

If we see all over the banking system there is no such a facility to make payments through mobile phone. Only the bitcoin offer you such facility, that you can make payment on your mobile phone.