Bitcoin advantages

After learning about mining, you are probably wondering what the overall advantages and disadvantages of Bitcoin are. There are quite a few advantages that make Bitcoin a one of a kind digital currency that has no likeness. Of course, because nothing is perfect, Bitcoin does have its flaws. Both will be discussed in this guide. Read on to discover them and learn more about this crypto currency.

Freedom in Payment

• With Bitcoin it is very possible to be able to send and get money anywhere in the world at any given time.
• You don’t have to worry about crossing borders, rescheduling for bank holidays, or any other limitations one might think will occur when transferring money.
• You are in control of your money with Bitcoin. There is no central authority figure in the Bitcoin network.

Control and Security

• Allowing users to be in control of their transactions help keep Bitcoin safe for the network.
• Merchants cannot charge extra fees on anything without being noticed. They must talk with the consumer before adding any charges.
• Payments in Bitcoin can be made and finalized without one’s personal information being tied to the transactions.
• Due to the fact that personal information is kept hidden from prying eyes, Bitcoin protects against identity theft.
• Bitcoin can be backed up and encrypted to ensure the safety of your money.

Information is Transparent

• With the block chain, all finalized transactions are available for everyone to see, however personal information is hidden.
• Your public address is what is visible; however, your personal information is not tied to this.
• Anyone at anytime can verify transactions in the .
• Bitcoin protocol cannot be manipulated by any person, organization, or government. This is due to Bitcoin being cryptographically secure.

Very Low Fees

• Currently there are either no fees, or very low fees within Bitcoin payments.
• With transactions, users might include fees in order to process the transactions faster. The higher the fee, the more priority it gets within the network and the quicker it gets processed.
• Digital Currency exchanges help merchant process transactions by converting bitcoins into fiat currency. These services generally have lower fees than credit cards and PayPal.