The Bitcoin wave is hitting the market hard; although until recently it wasn’t much of a popular mean of currency doing its rounds. But, now that Bitcoin is becoming popular day by day, people have started to use the currency with more acceptances and everyone wants to know about it more and more. A lot of people might have the question of how to spend Bitcoin, as this is just a virtual currency; but most importantly you should know why to use Bitcoin and what benefits does the currency serve.
There are a lot of reasons why one should be using Bitcoin. If you are one of those people who are not quite sure of the reason behind the use of Bitcoin, here are a few points to make you believe the currency’s worth – • It’s fast – Just think about it; when you pay a cheque to a person and the both the bank differs, then the bank will hold your money for several days.
And then again, if there is an international fund transfer, it will take really, really long time transfer the money into your account. Forget about the processing fee and other sorts for a second. However, the Bitcoin transfers are usually pretty fast and it doesn’t take more than 10 minutes to get confirm a transfer from one account to another. • It’s cheap – As mentioned above, the other sort of transactions are pretty costly with those processing fee and other stuffs. But the Bitcoin transactions are free most of the times and in any case you have to pay a fee that is bare minimum.
• No chargeback – Once Bitcoins have been sent, they’re gone. A person who has sent Bitcoins cannot try to retrieve them without the recipient’s consent. This makes it difficult to commit the kind of fraud that we often see with credit cards, in which people make a purchase and then contact the credit card company to make a chargeback, effectively reversing the transaction.
• No third party interference – The transaction you make with Bitcoin is private and don’t have to worry about or don’t have to trust any third party vendor. The transaction completely is between you and the other person you are sending the money to and it will be much easier for you to send the money without any interference of the third party and without any hassle.