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 block chain.
- 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.
Fewer Risks for Merchants
- Due to the fact that Bitcoin transactions cannot be reversed, do not carry with them personal information, and are secure, merchants are protected from potential losses that might occur from fraud.
- With Bitcoin, merchants are able to do business where crime rates and fraud rates may be high. This is because it is very hard to cheat or con anyone in Bitcoin due to the public ledger, otherwise known as the block chain.
Now that we’ve covered the basic advantages, we can move on to the disadvantages. There are three main ones that need to be pointed out. This is so you can get an overall idea of what to expect with Bitcoin. We don’t want anything to be hidden from our viewers.