Our top five Bitcoin benefits
Bitcoin is a digital currency that was introduced back in 2009. Essentially, payments are documented in a public ledger, which is also known as a “digital wallet.” Transactions are made peer-to-peer, meaning no middle man and no banks, in turn, getting more and more merchants accepting Bitcoin as payment for products and services. Bitcoin has also been referred to as a crypto currency that has taken the world by storm. This getting the government concerned over their lack of control and taxation issues with the currency, many people have responded positively to it. Using Bitcoin, a person can send or receive money anywhere in the world instantly. Making Bitcoin so appealing to people all around the world, not having to worry about whether or not it’s a holiday or weekend, as you would have to when dealing with a bank. There are many other positive and unique Bitcoin benefits – here are a few:
- Low Risk of Inflation
You are probably always hearing about inflation, especially as an answer to the question, “Why does this item cost so much more than it used to?” Basically, all currencies lose purchasing power over time, which happens at a rapid rate of a few percent each year, which is the result of the government continuing to print more and more money. You can avoid inflation with Bitcoin because the system is limited. Only a total of about 21 million Bitcoins will ever be released – in fact, the release of new Bitcoins is already slowing down and will stop completely eventually, which is why Bitcoin is and will continue to be in such high demand.
- Minimal Transaction Costs
There is very low transaction costs associated with Bitcoin in comparison with companies like PayPal or credit card companies. With Bitcoin you’re looking at less than 0.1%, whereas other companies range between 2% – 4%. Consumers benefit from the lower transaction cost as they result in lower prices overall. According to Andrea Castillo, program associate with the Mercatus Center at George Mason University, “Bitcoin allows sellers to charge only $436 for a Samsung Galaxy Note at the Bitcoin Store that currently sells for $517 on Amazon.”
- Lower Risk of Collapse
Other currencies rely on the government which can and has failed on occasions, and when this happens, you can end up with extreme inflation, resulting in entire life savings being completely wiped out in a blink of an eye. Because Bitcoin isn’t managed by any government or even tied to any particular country, it’s a much more stable and safer currency for everyone.
Having Bitcoin is essentially having cash that gets more and more valuable each day. For this reason, Bitcoin benefits businesses by removing risk, and customers are protected also. Because Bitcoin exchanges can’t be reversed, merchants have protection against any possible expenses resulting from fraud. Bitcoin is untraceable – there’s no data left behind or tied to your information when you use it, so customers don’t have to worry about identity theft or any other security issues. It’s completely safe!
- Good Publicity
If you run a business and have considered accepting Bitcoin as payment, it might interest you to find out that many companies that have started to accept Bitcoin have experienced a rise in popularity and sales, initially due to the novelty of the currency.
Although Bitcoin isn’t perfect, but close to, you can see that it has many distinctive advantages that other currencies simply don’t have.
To find out more about this unique currency, call Easy Consulting now on 0421 905 000. We can help you get a better understanding of how it can benefit you, and answer any questions you may have.