The year 2009 vastly changed the dynamics of money transfer through the launch of digital currencies. It started to be used as a medium for daily transactions and a decentralized network for value exchange to address the dilemma concerning speed and the processing time of everyday transactions.
To eliminate centralized control of money away from governments agencies and big banks and let ordinary people take care of it. Furthermore, the discovery of Bitcoin or blockchain technology enables instant and free of charge money transfer across the world through the created distributed transaction of a public ledger.
More than a decade has passed, the acceptance of Bitcoin has increased significantly in numerous places, and the acceptance of cryptocurrencies technology and the evolution of name recognition. As a result, you will be surprised by the number of things you can buy using Bitcoin.
Bitcoin is designed to give users a unique series of advantages over other payment methods. Let us check out and take a closer look at those advantages below. Still, before we do, it is helpful to explore what Bitcoin, the cryptocurrency, actually is first to see and understand Bitcoin’s design principles fully. Then, it will be easier to see the advantages of using Bitcoin for payments.
Bitcoin payments are mobile
Good news! Those people with a smartphone and access to the Internet now have the advantage of using Bitcoin since they have turned to mobile payments. You can even exchange and do transfers to those people who live in a third-world country. This democratization of currency is attractive to many, especially if your money is volatile. It is also a strategic way to reach a new market. However, this may be tricky for people who find access to digital currency for the first time.
Bitcoin ATMs are located worldwide
Usually, in a kiosk or standalone device, A bitcoin ATM allows public members to buy and sell bitcoin. You can also transact for other cryptocurrencies using the terminal. For Bitcoin ATMs to work, they must be connected to the Internet. QR codes are often used to send and receive tokens to users’ digital wallets. If you check US BTC ATM Map, more than 14,000 bitcoin ATMs are currently in operation worldwide.
Bitcoin transactions are secure
Bitcoin technology is safe primarily because it is built on secure technology – the blockchain. Bitcoin is also public, decentralized, permissionless and cryptographic. In the aspect of looking at it as an investment, though, Bitcoin may not be safe due to market volatility.
But concerning how it works and its structure, blockchain uses hashes that validate transactions on the Bitcoin network using cryptography which guarantees its security. The system makes it so transactions are generally irreversible, and even the data security of Bitcoin is strong.
Bitcoin incurred no banking fees
Bitcoin transactions are incredibly fast, and they require no fees. Though Bitcoin is still popular, bitcoin should catch up and solve to provide some more vital interface with the digital currency with existing real-world currencies.
Government bank’s money is a built-in regulation while Bitcoin, on the other hand, is open source.
Bitcoin can do international transfers
The price and speed are probably the main dilemmas within the current remittance ecosystem. The fees accumulate, and the remittance can take a while to get to its destination. However, there are ways to avoid the costs charged by traditional banks and money transfer services when sending money overseas; bitcoin uses cryptocurrency.
With over ten thousand Bitcoin’s distributed network nodes worldwide, indeed, there’s a keen tracking of all transactions happening on the system. This number of nodes ensures that others can pick up the slack if something happens to one of the servers or nodes. This is insanely attractive if you are doing business globally.
There is a necessity to bridge the gap between how digital currencies operate and how users perceive money today for cryptocurrencies to take off.
We must understand that a learning period disrupts our “ordinary” way of life. It is practical to expect the unexpected when it comes to anything technology. That is what technology does to us: it brings us new things that make life easier.
