The broader institutional involvement in bitcoin has derived major forces to start using bitcoin as a payment method. You can visit Bitcode Prime website to make the best out of your bitcoin trading journey by availing yourself of all the tools and technologies a trader need. These days, merchants and retailers are also more inclined to use bitcoin as a payment mode.
In addition, bitcoin is a universal currency that can have a use case in many places around the world. Bitcoin rarely has any transaction fees. Therefore, it is an advantage for merchants who have customers all over the world.
Meanwhile, bitcoin users can deal with their own money in their own country, and the currency risk issue does not exist. All you need is an internet connection to make payments through bitcoins from one country to another, no matter how big or small the distance between those countries is.
Governments of countries like El Salvador and Venezuela seemed to be taking a positive stance toward bitcoin. In Venezuela, bitcoin tends to resolve the complication of hyperinflation and is employing its citizen with the help of a bitcoin mining plant. Let’s overview the perks of bitcoin as a payment mode.
Transparency at its peak
In the present payment systems, transactions are not transparent. When money is sent from one bank to another, there is no way for the receiver side to check and verify in real-time. When a transaction is carried out at a bank, the receiver side will never get a chance to confirm that transaction happened, not because the bank fails to send funds but simply because its beneficiary never notifies them.
In this way, it’s hard for both parties to prove who sent or received the money. However, in the case of bitcoin, each bitcoin user has a public address that one can check within a few clicks. Therefore, it’s easy to search transactions made by a specific address, who owns it, and how much funds they have received or sent.
Undisclosed income
Ever since bitcoin has become a trend, people are always in search of ways in which they can make money out of it. They do different kinds of things like mining, trading, etc. However, all these activities are done in the private sector, but there is no regulation regarding bitcoin as an investment tool or a currency.
No extra banking fee
Because bitcoin as a payment mode requires no extra transaction fee, it gives merchant customers an advantage over other payment modes. The merchant gets his money transferred quickly, and there are no charges. Many websites accept bitcoin as the mode of payment and charge no fees at all.
There is no inflation
According to the International Monetary Fund’s World Economic Outlook, the inflation rate was 2.5% in 2018; it’s predicted that in 2019, the inflation rate will drop to less than 2%. It is because governments of some countries have decided not to print more material for their currency. They have fiat money like the US dollar, Euro, etc.
In addition to what has been mentioned above, bitcoin is also proving to be an innovative and effective way how we can ride the wave of bitcoins, as it keeps on bringing us new technologies in the form of new coins and new types of bitcoin. Consequently, this is an up-and-coming currency in regards to its usage as a payment mode and a store of value.
Bitcoin can be used in many places worldwide even though they are separated by distance. So if you want to send your money across the world, then bitcoin is an ideal choice for you when you want to carry out your transactions and finances using bitcoins.
Devoid of Middlemen
All the transactions are carried out directly between two parties, i.e., without any middleman or regulatory body to control the transaction. It is why deals with bitcoin are faster and much more accessible than other payment modes where transactions need to be approved by different regulatory bodies such as central banks.
It takes days to transfer money from one country to another due to different regulations regarding the banking sector in some countries. At the same time, bitcoins deal with it within a few minutes without any hassle of following different bank regulations and without any intervention from government bodies.
In addition, Bitcoin also faces little or no charge for transactions in most countries due to new regulations made by government bodies.
Predictability
The price of bitcoins has been a subject of speculation, and people are always trying to predict the price of bitcoins before it happens. However, bitcoin is so predictable that it can be used as a long-term investment option for any investor.
Price volatility is among the factors affecting other cryptocurrencies’ honesty and security. Such factors are considered as one of the disadvantages of bitcoin since for an investor to decide whether a cryptocurrency will be beneficial for them, they need to look at factors like stability in value and price.
