Main Reasons Bitcoin Is the Future on Online Transactions
Which options do you use for your online transactions? There are several to choose from, but Bitcoin is one of the ones because it’s the future of sending and receiving money via the Internet. Here are some of the main reasons you should consider this option:
- No transaction costs
Sending/receiving Bitcoins require its users to keep the Bitcoin customer running and linked to other nodes. By using bitcoins, users are contributing to various other nodes. They’re therefore sharing the responsibility of allowing transactions. Sharing this particular work reduces transaction costs.That, in turn, makes them quite low.
- No Bitcoin theft
Only the owner can change the ownership address of the Bitcoins. Nobody can steal any Bitcoins unless they can physically access the user’s computer. They must then send the coins to their accounts.
This differs from traditional currency systems in which a few authorization details are needed to obtain access to finances. This system requires physical access, so it’ much more difficult to steal.
- No tracking
Another key benefit of Bitcoin is that there’s no tracking. Unless users publish their e-wallet address, it’s impossible for transactions to be traced back to them. Only the e-wallet owners will know the number of Bitcoins they have.
Even if the case that the e-wallet address was published, it’s possible to create a new e-wallet. This boost privacy when compared to other currency systems in which third parties have no access to personal financial info.
- No “charge-backs.”
After sending Bitcoins, the transaction can’t be stopped. The Bitcoin’s ownerships will be changed to the receiver; they’re the new owner. After the ownership is changed, it’s not possible to reverse the transaction.
Only the new owner has the private key. Thus, only he/she can change the coin’s ownership. This helps to make sure that there’s no risk related to getting Bitcoins.
- No taxes
It’s impossible for a third party to hack Bitcoin transactions, so there’s no way to create a Bitcoin tax system. It’s possible to charge a tax, but the buyer would have to volunteer to send a percentage of the amount of purchase as a tax. While some customers might be willing to do that since it is on a voluntary basis, it would be quite difficult to enforce.
- No third-party seizure
Bitcoins can’t be seized since there are many copies of the transactions database. They could force someone to send the Bitcoins to a different party. People can use Bitcoins however they want to, and they don’t have to worry about the government freezing their wealth. This is a plus as it gives you the freedom to spend the Bitcoin anyway you want to. This makes it much more flexible than other options that can be frozen by the feds.
These are some of the top benefits of Bitcoins. They certain seem to be a viable option to replace other traditional online transaction methods.The key is to weigh the benefits and drawbacks to determine if they’re the best option for your Internet banking needs.