I've only just heard of Bitcoin and I wonder why I should start using bincoins. What is the benefit to me of using bitcoins? Why should I want to?
Why should I start using bitcoins? What is the benefit to me of using bitcoins? Why should I want to?
Well, actually those are excellent questions, but it's hard to come up with one correct answer to it. Many people use Bitcoin for many different reasons. You can find some of the reasons below.
Bitcoin is like cash
- Payments are almost instantaneous, irreversible, and pushed by the paying party.
- Bitcoins are fungible
- Bitcoin go directly from sender to recipient
- no bank account or good credit rating necessary
- Nobody can freeze your account
- But, when you lose them, they are gone.
Bitcoin is like a resource
- Limited supply
- Highly divisible (One bitcoin can be divided into 100,000,000 satoshis)
- No central institution regulating supply
Bitcoin is like paypal
- You can send money around the globe in an instant.
- Bitcoins are impossible to counterfeit
- Transactions are very cheap
What advantages does that have?
- If you are a store-owner it is cheaper than accepting credit card payments, and you have the money immediately instead of waiting for months. You also don't have to worry about chargebacks.
- With Bitcoin it is unnecessary to disclose personal information just to make a payment on the internet. No risk of someone hijacking your credit card.
- Sending money internationally is cheaper, faster, and more reliable.