When you are here, you would have known something about bitcoins. If not, then it is one of the digital currencies and is the first-ever created cryptocurrencies. Since it is virtual money, it does not have any form but has some value. The value of bitcoins will change more often and the main reason is due to the supply and demand for them.
No matter what, one can see its price is increasing every year. This is due to the fact that there is only a less amount of bitcoins in this world. Bitcoins are not circulated by the government but are created by a process called mining. People who mine these cryptocurrencies are called miners. The value of bitcoins will be based on the number of bitcoins mined. You can know its current value using btc to usd converter.
Now, we are moving to the reasons for using these bitcoins, and below given are only a few reasons to transact bitcoins.
- Decentralized – When you are transacting Bitcoins, you can do it without any intermediate services. No central authority can control it. That is, no government and other banking sectors have the ability to control bitcoin transactions.
- Less volatile – Bitcoins have global acceptance that is you can transact them from one country to any other country in this world. So, we can say that it is less volatile than fiat money or other currency. This way, you can transact them over several boundaries easily.
- Peer to peer – When you use bitcoins, you will be able to transact cryptocurrencies to any other person who has a digital wallet. Also, there is no need to have any third-party services to guarantee the transactions. Such that you can send and receive bitcoins anonymously.
- No Duplication – Unlike cash which can be duplicated easily, there is no way of duplicating this cryptocurrency. Once a bitcoin transaction is validated, no one has the power to cancel it. There can be literally no duplication and this removes the problem of handling duplication.
- Anonymous – When you make a payment with credit or debit cards, always you need to offer your details. This may lack confidentiality but with bitcoin transactions, there is no need for you to tell any personal details. Thus, your identity is kept anonymous and safe when you purchase things using cryptocurrencies.
These are some of the good reasons to make use of bitcoins.