Should Modern Day People Use Bitcoins?
Bitcoin is a popular digital currency which was launched as a private initiative in the year 2008. Unlike all other traditional currencies like Sterling, Euro, and Dollar, Bitcoin is not controlled by any central monetary authorities or government. Each Bitcoin is subdivided onto Satoshies, and one Satoshi is equal to one hundred millionth of bitcoin. Using the Bitcoin ATM booths, you can transfer Bitcoins as well as satoshies from one account to another. This digital currency is used for paying for services as well as goods at virtually zero cost. What’s more interesting about this currency is that you can make international transfers without messing around exchange rates as well as bank charges. Isn’t it amazing?
Before you start using Bitcoin, it is important to have a wallet. It is special software which stores, receives and sends Bitcoin. There are different kinds of Bitcoin wallets, web wallets, mobile wallets and software wallets. Software wallets are normally installed on computers, and it gives you full control over your wallet. On the other hand, mobile wallets are installed in tablet or smartphone, and it allows you to use Bitcoin for regular transactions in supermarkets and shops just by scanning the QR code. Web wallets are in the form of cloud storage, and it is also easy to use.
Ease of Making Payments
Payments using digital currency are quite easy. Just enter the receiver’s address, and you can instantly send money from your smartphone or computer. You can get receivers address just by scanning the QR code using the NFC technology. Many such features are coming up with Bitcoin which is making it an ideal choice for a present generation. There are many Bitcoin ATM booths coming up in many popular cities, and it gives you the flexibility to get exchanges done using suitable currency. Receiving payment is also too easy. Give your bitcoin address to the payer, and you get payments transferred to your account.
There are several advantages of using Bitcoin:
- Users can send as well as receive a limitless amount of money in a moment’s time, from any place in the world.
- Bitcoin processing costs no fees or at times very small fees.
- Bitcoin transactions are protected against fraudulent chargebacks which are common with normal credit cards
- Payment and receipt process is completely transparent, neutral and predictable.
Using Bitcoins comes with several disadvantages too, such as:
- Bitcoin value is volatile as the number of bitcoins in circulation is small, and small transactions can affect its price considerably
- Bitcoins are not accepted universally, and hence you can’t use it everywhere
Should you use this digital currency?
The answer is yes. There is no doubt the fact that this digital currency is offering a huge range of benefits yet there are limited options available in the market presently. Bitcoin ATM booths are coming in many places, but still, it will take more time to take over traditional currencies. With time its popularity and demand are increasing in many parts of the world.