Over the last decade, Bitcoin has been gaining ground rapidly. At first, Bitcoin seemed unfamiliar and scary in the public eye, the same way people perceived credit cards in their early days. However, now, everybody is familiar with Bitcoin. Bitcoin uses the Blockchain Technology to keep itself and its technology safe. But how will use Bitcoin to Make Money. Keep reading to learn more.
Since Bitcoin is a digital currency, it cannot be counterfeited. It is also impossible to be reversed arbitrarily unlike credit cards that can be reversed arbitrarily by senders through charge-backs. It is, therefore, a very safe currency.
One good thing about Bitcoin is that there are no transaction fees when you use it. This is because as a miner, you will get compensated by the network. This means that you won’t have to incur huge transaction fees when making transactions through Bitcoin.
Eliminates Identity Theft
When you use your credit card to pay for goods or services, the merchants get access to your credit line. This can lead to identity theft which can put you at risk. However, when it comes to Bitcoin, your identity safety is guaranteed. This is because Bitcoin operates through a different mechanism that allows you to send the exact number of Bitcoins to a merchant without giving any further details.
Since Bitcoin is not bound by the interest rates, exchange rates, transaction charges or any other charges that can be levied by countries, it is very efficient to use it anywhere in the world. Using Bitcoin, therefore, saves money and time as you won’t need to exchange it to different currencies. Bitcoin, therefore, makes transactions quite easy.
Access to Everyone
Bitcoin is a virtual currency. This means that anyone who has an internet connection can get access to Bitcoins. This is unlike real paper currencies that you will have to get from the bank. With Bitcoin, you can access it from anywhere in the world. Bitcoin does not also depend on the traditional exchanges.
Paper currencies are usually governed and regulated by central bodies. However, Bitcoin is a bit different. It uses a global network of computers that work together to manage and record all Bitcoin transactions. It is therefore managed by its network. The operation of this network is on a user-to-user basis. Bitcoin is therefore independent of any manipulation by governments or financial bodies.