What are the Advantages of Paying with Bitcoin?

Bitcoin has become popular over the years. Despite the plethora of other digital currencies emerging since the launch of Bitcoin, it hasn’t lost its lustre either. There are some notable advantages to paying with Bitcoin, which we will cover in the points below.

Reasonable Anonymity

While it is possible to eventually track someone through the blockchain to determine who they are, paying with Bitcoin provides reasonable anonymity. The person or company on the other end won’t know directly – without serious investigation and resources expended – who is on the other end of the transaction.

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Reduced Transaction Fees

Transaction fees are the bane of retailers and consumers alike. It’s hard to avoid getting charged a 3 percent fee tacked on because you’re paying with plastic. Instead, using Bitcoin allows for far lower costs – especially with larger transactions where the fee as a percentage of the transaction is minimal.

Why are the transaction costs lower? Because there isn’t a third-party in the middle of the transaction as the ‘market maker’ taking their cut of the action. This leads to significant savings over time when using Bitcoin to make regular payments.

Also, the fees on international transactions – a huge money-maker for banks and other parties – is where the larger savings are found. No currency conversion, international bank transfer, or other bundled fees involved.

Hold Substantial Sums Safely

A digital wallet allows you to avoid walking around with lots of cash. A cold wallet isn’t connected to the internet and prevents theft attempts. Avoiding being a walking target is important in this day and age when you never know what is around the next corner.

It’s possible to have several Bitcoin wallets used for different purposes. There’s no difficulty in diversifying across digital wallets and storing them in various strategic places for your security. It is far more easily done than trying to open multiple accounts and facing account limits.

Global Transactions Performed Locally

Keeping money in different banks and other institutions around the globe isn’t simple to do. It’s usually necessary to fly into the country to open a bank account. And for people who’ve tried to do so in Hong Kong, Singapore, Panama, or other popular hotspots, the request is often rejected. Even with third-party facilitators to smooth the way, it’s an expensive and time-consuming process just to open a bank or savings account in a foreign locale.

Holding Bitcoin currency in a digital wallet isn’t difficult. Transactions can be conducted globally without interference or added red tape. It’s not necessary to get on a plane just to take advantage of the blockchain to transact globally either.

While not every company accepts Bitcoin as a payment method, many already do. The costs associated with money deposits, holding balances, and transaction fees are significantly lowered by using Bitcoin over traditional methods.