Categories: BUSINESS

7 Reasons Why You Should Pay With Bitcoin

7 Reasons Why You Should Pay With Bitcoin

The popular notion that cryptocurrency is a fraudulent means of making money is now non-existent. People no longer use it to trade only when the deal appears favorable. This change was brought about by the international acceptance and usage of digital currency in paying for almost everything making it highly recognized and credible.

The mysterious being behind the creation of Bitcoin – Satoshi Nakamoto was the first person to launch blockchain technology terming it a secure, convenient, credible, and efficient method of sending and receiving payments. As anonymous as the person is, no one knew that the Bitcoin revolution would grow to become a convenient method of paying money.

The introduction of digital currency to replace traditional money came as an eye-opener for the financial sector. Entities like the already running online stores as well as upcoming small businesses are all aspiring to make a shift towards cryptocurrency, specifically Bitcoin. This is mainly because it is currently the largest and lucrative digital currency that continues to show an enormous increase in its price value.

Accepting Bitcoin as a means of payment has relieved humanity of a lot of daily hassles from missing, stealing, and destruction of paper money and coins as well as ensuring that money is sent to the rightful recipient at the appropriate time. Moreover, Bitcoin comes with much more amazing advantages compared to using traditional payment methods as outlined below.

  • High Transparency

When money is involved, even the most ignorant individuals gain vigilance and get concerned. Bitcoin utilizes a safe, secure, and totally transparent decentralized authority to track your Bitcoin and displays this at your computer screen throughout.

This transparency is not common with other exchange mediums, more so when you have to make an international payment. Besides, the system also guarantees the privacy of the user and ensures that the entire process is secure and invisible to other people.

  • No Tracking

Nobody can trace transactions back to you, not unless you publicize your wallet address. The only people who will know the number of Bitcoins that you have are the wallet owners. Also, in case you accidentally publicized your wallet address, you can easily generate a new address. This further increases your privacy unlike when using traditional payment systems where other people can access your financial data.

  • No Third-Party Interfering

Bitcoin is a peer-to-peer entrusted digital currency system that enables online businesses to take place without a middleman’s interference. This implies that it isn’t run by any official authority apart from the two parties involved in a particular transaction. It also needs no approval and it is not restricted to adhere to rules and regulations of any governing authority.

  • No Additional Charges

Well, you are already familiar with the costs that come with all your minor and major business deals. However, using Bitcoin for payments does away with all transactional fees from banking, withdrawal costs, occasional deposits, and other charges. This saves you from the hassle of opening specific accounts and spending a lot of money to keep them running or having someone deduct fees from your funds without your prior knowledge.

  • No Taxes

When using Bitcoin, a third party cannot intercept the transactions and this makes it hard for taxation to be imposed on Bitcoin transactions. The only way you would pay tax would be if you voluntarily submit a percentage of the money as tax.

  • Ease of Access

Bitcoin is not like conventional money that must be carried in the pockets whenever you need to purchase something. To pay through Bitcoin, you only need to make a few clicks on your phone from the convenience of wherever you are. Bitcoin revolution is also here to save you from the tedious ATM and bank hassles offering you a fast, easy, and convenient method of payment.

Take Away

Several renowned organizations have started accepting Bitcoin payments further reinforcing the credibility of cryptocurrency globally. Furthermore, Bitcoins cannot be stolen and you, therefore, don’t have to be worried about losing your money. All you need to do is have a Bitcoin wallet that is freely available online or by making just a small payment for the services.

Dinanath Singh: