Why should you use Bitcoin as your Primary Currency ?
Bitcoin is perhaps the symbol of fin-tech in the 21st century. With an ever increasing amount of transactions being done through bitcoin, it is only a matter of time before bitcoin completely replaces the conventional modes of payment.
However, this begs the question – why should I use bitcoin? Well, the answer to this question lies in the many benefits that bitcoin has to offer over the traditional ways of conducting transactions. Here you will find some the various advantages of using Bitcoin as your primary currency.
Benefits of using Bitcoin over Cash /Card
Speed
If you have been using your credit cards to make payments or have perhaps received a payment through check, you must have experienced certain problems and delays with the approval process of these types of payments.
Surely, it is not easy to make payments through such mediums. There are regular delays and the technology is sometimes unreliable. Bitcoin, on the other hand, has the fastest processing time and can get your transaction confirmed within a matter of minutes.
With Bitcoin, you have the option to receive payments instantaneously. However, this is without confirmation.
if you do require confirmation, Bitcoin’s blockchain will do that for you in around 10 minutes.
READ : The best way to be anonymous on Web
Bitcoin is much cheaper
Be it Paypal, Skrill, Mastercard, Visa or any other such payment portal or service, they surely charge hefty amounts for offering their services. That is, you get charged for just conducting the transactions.
Even if you think that paying by your credit card is faster than Bitcoin transactions, the fact that the former is more expensive remains a hard reality. Paying online through credit cards may not be expensive when dealing with very small amounts.
However, such small-amount transactions are only rare. Bitcoin, being completely free when it comes to receiving and giving payments, proves to be a lot cheaper and convenient for the interested parties.
Bitcoin is free from authoritative action
Bitcoin is a completely free payment service. It is perhaps the ideal symbol of a true democracy when it comes to how money is generated and stored. With traditional currency, everything is regulated by the Central banks, governments and other financial institutions.
Quite certainly, their policies determine the value of the conventional currency. Hence, the currency is subject to uncertain swings and the economy remains unstable for the most part. Furthermore, you do not have any control over such things.
With Bitcoin, however, you have complete authority over how and when you want to use it. Therefore, it is ever more transparent offering you a peace of mind.
Less chances of fraud
Everyone is well aware of the fraudulent activities that go on with credit cards and other online payment methods. A number of payment methods allow the payer to request the money back from credit card company through which the payment had been made.
Furthermore, the technology that goes behind such systems is not as much sophisticated as we think it is. There are a number of incidents where credit card companies have been subjected to cyber attacks thus letting lose some very vital information about its clients.
With Bitcoin, on the other hand, such chances of fraud are not possible. Once a payment is made through Bitcoin, it is simply gone and cannot be manipulated. It is a straightforward process with minimal risk.
READ: Protecting yourself from Identity Theft & Insecure Networks
It is private
Credit card companies, without doubt, have the most sensitive pieces of information about our everyday lives. They know what we buy, from where we buy and how much we pay for all those things that we buy.
Surely, having such information implies that they are not spared from the skeptic eyes of the government, private businesses and other agencies. This means that when you use credit cards, all your information is out there in the database of these credit card companies and those of the banks.
This makes you vulnerable as you can be traced by any influential institution who requests such data from the companies. Bitcoin, being completely in your ownership, makes you immune to such infiltration and encroachment keeping you and your transactions from being monitored.
Less inflationary
Although it is true that Bitcoin is very volatile, it is however, less inflationary than the actual currency. Inflation causes the value of a particular currency to fall. This means that if today a loaf of bread costs a dollar, with inflation, the same loaf may cost two dollars.
This implies that a single dollar has lost half of its value due to inflation. This results in significant losses for those who have major investments lined up. With Bitcoin, however, this is avoided.
Bitcoin is established on the free market principle, and hence, the value of the currency falls and rises according to the supply and demand of the bitcoin units.
Almost no middlemen
With payments made through credit cards, a number of different parties play different roles in order for the transaction to get completed. This means that there is a higher likelihood of the payment process to get stuck or encounter glitches.
In addition, it becomes ever more complicated when there are problems with the information that is provided either by the payee or the payer. The administrative aspect of the transactions takes a lot of time and is prone to errors.
Bitcoin, being completely independent of any sort of third-parties, gives you complete control over the transaction and hence you do not have to worry about the money being stolen or lost in midway.
Authorization is not a hassle
It is understandable that payment services such as PayPal are very strict regarding their security and hence want all the information they can to verify and confirm your accounts.
However, sometimes the documentation simply gets too frustrating and the approval process gets more stressful. Such verification processes are virtually non-existent in bitcoin transactions as you know everything what is happening to your money.
How using a Bitcoin payment method can secure my identity
It is true that any transaction that you make through Bitcoin cannot be completely anonymous. This is because all of the transactions get recorded in a Bitcoin block chain. This block chain is simply a database of all the bitcoin transactions that have ever happened.
However, since there are no banks or institutions specifically recording all your personal details, information stored in bitcoin’s block chain allows you much more anonymity than in the case of normal credit card transactions.
How to pay for VPN using bitcoin
Firstly, you will need to create a bitcoin wallet. You may do so by going to the official bitcoin website.
Secondly, you need to buy the required amount of bitcoins.
Thirdly, register yourself with a VPN service provider such as Limevpn and pay using bitcoins. While you register, you will see an option to pay using bitcoins. Select that option and you will be good to go.
Conclusion
Bitcoin is a great revolution in the financial sector and its significant benefits make it one of the most preferred methods of payment.
Also Read:
Pro’s & Con’s of connecting a VPN with router How to bypass ISP throttling with a VPN
Rachael Chapman
A Complete gamer and a Tech Geek. Brings out all her thoughts and love in writing blogs on IOT, software, technology etc
