Why pay in Bitcoin?
One of the most appealing traits about Bitcoin is that it is decentralized. It is not controlled or regulated by a central authority. Bitcoin can be mined or purchased with FIAT currencies and placed into your Self-Custody account. Bitcoin is a peer-to-peer network that allows payments to be worldwide, anonymous and quick. This is why Bitcoin is becoming a convenient way to pay others in a secure and discreet manner.
The exchange of FIAT currency for digital currency was a watershed moment for the financial markets. From large e-commerce stores to fledgling businesses, many companies and individuals are making the shift towards digital currency, with Bitcoin at the forefront of this movement.
Now, let’s take a look at some of the advantages of paying in Bitcoin, the world’s leading cryptocurrency:
No Third-party Interference
When you send or receive Bitcoin, every transaction is recorded on the blockchain. The blockchain removes the need for any central authority or intermediary to keep a record of the transaction. Most online transactions require a certain amount of information to identify the person conducting the transaction. With Bitcoin, instead, transactions are pseudonymous. The transactions can only be identified by a blockchain address. An individual’s blockchain address is not tied to their private credentials, thus keeping the transaction private. With Bitcoin, therefore, it is possible to pay businesses or other people immediately without requiring the approval of a bank, central authority or third party.
Traditional FIAT currencies are subject to many restrictions and risks. Banks are extremely vulnerable to economic crashes and fluctuations. These situations can end in the complete downfall of a bank, as has occurred numerous times in history. This leaves a person’s assets at risk and means that those who use these services are not truly in control of their money.
While it is considered standard practice for FIAT currency exchanges to charge additional processing fees, Bitcoin users are not subject to the litany of traditional banking fees associated with FIAT currencies. This means no minimum balance fees, no overdraft charges, and no returned deposit fees, among many other hidden costs that occur with FIAT transactions.
Standard bank transfers and foreign purchases typically involve fees and currency exchange costs. Since Bitcoin transactions involve no intermediaries or central authorities, the costs of transacting are generally lower than traditional banking fees. Additionally, paying in Bitcoin is quick, thereby eliminating the inconvenience of typical third-party authorization requirements and unnecessary wait periods.
The Bitcoin payment system is purely peer-to-peer, meaning that users are able to transact with anyone on the network, from anywhere in the world. The convenience of being able to pay in Bitcoin with only a smartphone or computer means Bitcoin is available to populations of users who do not have access to traditional banking systems. Bitcoin users can pay for their coins anywhere they have an internet connection. Additionally, those who purchase using Bitcoin are saved from daily bank and ATM hassles. Bitcoin thus offers its users a quick, convenient, safe and reliable way to send and receive money anywhere in the world.