In lots of countries of the world, Bitcoin is not only an investment asset but also a payment instrument: it is possible to purchase real estate, plane tickets, gadgets, etc. using Bitcoin or any other cryptocurrency. Electronic cash may be also used when buying things online: it doesn’t differ from a dollar or euro. So why do more and more people start using cryptocurrency when purchasing anything both online and in real life?
7 Reasons To Use Cryptocurrency
It may seem strange that electronic cash has a purchasing power, however, there is no escaping the fact that it can be exchanged for goods or services in the same way as banknotes and coins. Bitcoin may also be exchanged for cash – Euros or dollars. People throughout the world buy plane tickets and mobile devices using cryptocurrency as well as pay utility or restaurant bills with it. Here are 7 reasons why you should start using cryptocurrency.
- Cryptocurrency is decentralized. Not a single institution controls it. This is a key aspect that attracts a great number of people since their facilities are not under a bank or third parties’ control.
- Anonymity. Users are able to have several Bitcoin addresses which are anonymous. It means it is impossible to determine a users’ name, their residential address or any other personal information it’s required to give a bank when opening an account.
- It is a global currency. Cryptocurrency is used throughout the world that gives an opportunity to expand business internationally, export goods or conclude a purchase on other counties of the world. Electronic cash lets people avoid paying expensive commission fees on a transaction.
- Complete transparency. Blockchains store data for each transaction ever conducted as well as make it possible for you to track every single one of them. You are able to use several addresses in order not to store your Bitcoin in one and make yourself safe.
- Low fees. Banks charge a commission for each financial transaction as well as provide bill pay service. Foreign transaction fees are the most expensive ones; using Bitcoin you may cut down on expenses.
- Fast transactions. It only takes a few minutes to process a transaction and it’s impossible to achieve such a quick bank one. You may also install Bitcoin wallet to your mobile device in order to have constant access to it.
- Impossibility to cancel a transaction. The sent transaction will always be valid till the moment Bitcoins are spent. The only possible way to get your Bitcoins back is a non-confirmed transaction.
Cryptocurrency is increasingly used for different types of purchasing often replacing the cash. This suggests that electronic cash may become the most used form of money in the nearest future.