TOP REASONS TO USE BITCOIN

Why Use Bitcoin?

WHY USE BITCOIN?It’s fast:- When you pay a cheque from another bank into your bank, the bank will often hold that money for several days, because it can’t trust that the funds are really available. Similarly, international wire transfers can take a relatively long time. Bitcoin transactions, however, are generally far faster.

It’s cheap:- Your credit card transactions are instantaneous too? Well, that’s true. But your merchant (and possibly you) pay for that privilege. Some merchants will charge a fee for debit card transactions too, as they have to pay a ‘swipe fee’ for fulfilling them. Bitcoin transaction fees are minimal, or in some cases free.

There are no chargebacks:- 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.

It’s as private as you want it to be:- Bitcoin is a relatively private currency. On the one hand, it is transparent – thanks to the blockchain, everyone knows how much a particular bitcoin address holds in transactions. They know where those transactions came from, and where they’re sent.

How to Store Your Bitcoins

Bitcoin wallets:- store the private keys that you need to access a bitcoin address and spend your funds. They come in different forms, designed for different types of device. You can even use paper storage to avoid having them on a computer at all. Of course, it is very important to secure and back up your bitcoin wallet. It’s different type of wallet Desktop wallets, Mobile wallets, Online wallets, Ledger USB wallet.

Bitcoin E-Commerce Services for Merchants

Third-party payment processorsCoinBase:- Coinbase is another popular bitcoin payment processor with 0% fees.BitPay:- BitPay is an international payment processor for businesses and charities.BIPS:- Short for the Bitcoin Internet Payment System, BIPS is a payment processor that allows merchants from all over the world to buy and sell bitcoin.Blockchain Merchant:- Blockchain merchant is an application for retail merchants as a simple POS system to accept bitcoin payments. This is only available for Android devices.

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