The phenomenon of bitcoins has taken over the financial and business world by storm. In a world where convenience is put at a premium, most people want to deal with something handy and avoid too much hassle. Being a virtual currency, bitcoins have gradually started replacing the bulky traditional bank notes and cheques. Businesses and banks are conducting awareness campaigns for their customers to take up this mode of payment, as it is stress free and time-saving. The main advantage is that you can track past transactions and exchange rates on a Bitcoin Chart. The following are further reasons why you should put bitcoins in your list of must-haves:
When you are travelling, the process of exchanging currency is quite cumbersome. This is especially worse when you are going to more than one destination. In addition, carrying large amounts of cash is not tiresome but also risky. Bitcoins give you the comfort of carrying as much money as you need in a virtual state. It is common among traders all over the world and hence saves you the inconvenience of dealing with more than one currency.
When you trade using cash, you are subject to abrupt price changes in essential commodities. You end up spending much more than you had budgeted because of punitive exchange rates. Bitcoins is a global currency that has stable rates and value, and will save you the time and high fees.
Bitcoins is fraud proof due to the heavy cryptography that goes into its making. There are no incidences of hacking or leaking of people’s personal information. When you use the conventional money transfer methods abroad, you are likely to fall into the hands of hackers who might infiltrate your bank accounts. With bitcoins, you alone have access to your account and can authorize any money into and from it.
As a seller, you have probably experienced a situation where a client reverses an already complete transaction. Bitcoins protect you from such incidences, as these transfers cannot be reversed. You should be careful with your bitcoins to avoid transferring them to a wrong person.
Unlike normal banks that require proof of identification to open an account, bitcoins allows anyone to access it without asking for proof. Transactions are instant and are not limited by geographical boundaries or time zones, and there is no paperwork involved. To join bitcoins, you only need to download the bitcoin wallet and create an account.