The Benefits of Transacting with Bitcoin

A s a result of the uniqueness of virtual currencies, there are certain distinctive benefits of paying through Bitcoin that people who use other currencies do not get. Virtual currencies are relatively new, and some users are very careful to weigh their advantages and risks. Despite the cautious stance, Bitcoins offer many unique possibilities. Quick and Cheap Transactions Compared to conventional payment methods, the fees are incredibly low when making a Bitcoin transfer. The average cost is 0.0005 BTC per transfer. With a typical international wire transfer, users are required to pay between 700THB and 1300THB per transaction. No Paperwork Any user of any age can accept this unique digital currency within minutes. One does not need an ID card, passport, or proof of address to qualify to buy with it. All that a user needs is to download a Bitcoin Wallet program and generate a Bitcoin Address. And given that there is no limit to the number of addresses that an individual can have, one can have 1000s of different addresses and do many transfers at a time. Safe, Simple A common problem with most traditional online transaction methods from the viewpoint of the seller is that the systems allow buyers to claim their money back. With Bitcoins, there are no chargeback features; customers cannot take the money back. So it cushions sellers from unnecessary risks. From the consumers’ perspective, the new digital method of payment is going to make the infrastructure for payments and sending money simpler and cheaper since the transaction is peer-to-peer and are not done through some intermediaries. Easy to Carry Users can carry a billion dollars worth of Bitcoins on a memory stick in their pockets. The large sums are also safe. This case is not the same with coins and notes. The unique possibilities with this digital currency include quick and cheap transactions, no paperwork, safe and straightforward, and easy to carry. These benefits make Bitcoin a very useful payment option in the current world market.   [photo: www.flickr.com]