Bitcoins, while less popular than standard currency represent a great way to use the speed and efficiency of modern technology in making payments. Unlike most forms of currency bitcoins come with some unique advantages that make them one of the most effective and safe ways one can dispense payment.
Here is a short list of advantages that come with bitcoin payments:
1.There is basically no risk of inflation. Inflation appears when governments issue more and more money each year, decreasing purchasing power. The bitcoin system was created to be finite and the final number is speculated to be around 21 million. Without the possibility of issuing extra currency the whole system is safe from inflation and decreased purchasing power due to it.
2.The whole bitcoin payment system is safe fast and can turn out to be cheaper than traditional transactions. Bitcoins cannot be claimed back like current transactions with PayPal or credit cards. There are no intermediaries in the payment system so once a payment is made it is final. No more using expensive and slow escrow services to secure a sell.
3.It is easy to carry and use in any situation. Payment using bitcoins is a solution for a large number of people that don’t have access to banks or live in countries that have unstable monetary systems. All one needs to transport bitcoins is a memory stick. You can use the currency without ever stepping into a bank or a store as long as you have an internet connection. Businesses around the world are seeing the importance of this feature and bitcoins are becoming a more popular payment solution.
4.The whole process is peer to peer. No third party will ever be able to tax, freeze or claim your bitcoins. Your bitcoins cannot be stolen and in no situation can your bitcoin wallet be seized by any government.