Bitcoin is a major cryptocurrency that has covered a large part. Most of the investors, merchants, businessmen and even common men who trust this form of digital currency are into trading. They carry the master key in their pockets. They know the benefits of Bitcoin. Whereas there are still many who don’t find it of much use to them. They don’t understand why they should make an effort to exercise it. What benefits does it offer?
Here are the best reasons why you should walk into this zone and fund your retirement.
Generally, banks take days to cash money into your account. Because they want themselves to get confirmed whether the party sending you the money holds the funds or not. In fact, with international wire transfers, this process might exceed.But with Bitcoin transactions, you hardly need to wait for days. Your transaction takes maximum 10 minutes. Bitcoin transaction also goes over confirmation process but it is fast.
Though banks might not carry instantaneous money transfers, they carry other plus points in their pockets. How about credit cards? Are they not fast? Yes, they are. They are quick. But don’t you think you have to lose something to gain that benefit. As a merchant or think of yourself, you have to pay for that privilege. Bitcoin transaction fees are minimal, or in some cases free. Bang on!
Unlike other currencies, this is different. Central authorities have no role to play here. Remember Cyprus in March 2013? You will never have to face it again here. You rule this place. Because this currency is decentralized, you own it. No central authority or bank or any financial institution can take away the command from you. You are the owner of this driving seat. Handle it well. Make the best out of it and fund your retirement.
Like in credit card facility, at times some people make a purchase and then contact the credit card firms to charge back, effectively reversing the transaction. In case of Bitcoins, such frauds are hard to commit. As once money is sent there is no return. Once gone, it’s really gone. A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent.
Most online purchases or transactions are nowadays earned through credit cards. In some way, we are asked to share our private information. Though the process is mostly kept safe but still sometimes such private details are used by fraud means.Bitcoin transaction, however, doesn’t ask for your private information in return.
They exercise two keys: a public key and a private key. This is a part of cryptography technique exercised by such currency which helps in keeping your account safe. The difference between both keys is that anyone can watch your public key, or say your Bitcoin address but the private key is kept safe. When you send a bitcoin, you ‘sign’ the transaction by combining both keys together, and applying a mathematical function to them. This creates a certificate that proves the transaction came from you. Remember you should never share your private key. Don’t do anything silly that brings you huge losses.
We are all aware that fiat currency can be printed in times of need. And the central authority controls it flows working as per requirement. Government exercises various tactics to keep the economy flowing like Quantitative easing. At times Inflation causes the price of goods and services to increase. Inflation can be difficult to control and can decrease people’s buying power. Bitcoin was designed in such a way that the only emission of 21 million bitcoins is possible. As a result, bitcoins won’t grow, so inflation won’t be an issue. You might face deflation in the Bitcoin world. But inflation is not a point to worry about.
Most of us know that blockchain doesn’t keep anything secret. We all can see the how much a particular bitcoin address holds a transaction. They know where the transactions came from, and where they are sent. But the best part about bitcoins is none of us knows who is the owner of that address. Although bitcoin is transparent. That makes it more secure. But it is relatively private. Everyone can look inside it, but no one knows who owns it.
With Banks, we often share a part of our information to make transactions complete and successful. We often depend on third party processors or merchants to carry out the task. And this trust can cost you if used improperly. Bitcoins don’t ask you to trust anyone but yourself. When you carry out a transaction like sending money to your friends or family, all it asks is a digital signature. Later an unknown miner will verify and then the transaction is complete. Everything is in your hands. You are not asked to share a bit of info to each and every person to carry out your transaction. The merchant need not even know who you are unless you’ve arranged to tell them.
Take an example of other electronic cash systems, like PayPal. For some reason company finds that your account is misused or blames you. It has the power to freeze all your accounts and in return you’ll have to jump through whatever hoops necessary, to get yourself cleared. Here, you are the owner. Nobody can blame you or control you. You have two major weapons in your pockets. Your keys: private and public key. You are the in charge of your risks and returns.
Bitcoins offer you ways to make yourself richer. You can create your own money through mining. Apart from buying and selling bitcoins in open markets, you can also mine if you encompass enough computing power.
There is no end to the benefits you can gain by getting into bitcoins. But here is the list that can help you think about why to invest in Bitcoins. Make a decision today and watch yourself ahead of others.