Guide on Bitcoin Use and Bitcoin Trading

Bitcoin is a new currency, a peer-to-peer virtual currency or cryptocurrency. Many people know little about bitcoin and bitcoin trading, so they are unwilling to switch to digital currency. Why should they use bitcoins?

Advantages of Bitcoin Trading

  • For one, using bitcoin is fast and convenient. Along with debit cards and credit cards, bitcoin is the fastest way of transferring money. You certainly know how much hassle it takes to pay a cheque. With traditional payment methods, you have to wait a lot. A traditional bank holds your money for many days, because they want to avoid possible frauds. International wire transfers take long, too. If you use bitcoin, you can send or receive money in a couple of minutes. You can select a “zero-confirmation” transaction: it is an option where the merchant is willing to accept the transaction, although the bitcoin blockchain has not confirmed it yet.

  • Bitcoin is also inexpensive. You may use your credit card or debit card to transfer your money quickly, however, you have to pay the price, merchants will charge some money for it. Bitcoin charges little or no fee for transactions.

  • Bitcoin is safe. No bank or government can touch your money if you use bitcoin. If you keep your money in a bank, banks have a right to take back uninsured deposits. There is no such threat with bitcoin, since no bank or government controls it.

  • There is something else bitcoin has to offer on security: no fraudster can get access to your personal data. When you purchase items online with your debit or credit card, you have to provide confidential data like your credit card number. You do not have to reveal such data with bitcoin. There are two keys, a public and a private key. The public key, your bitcoin address, is visible for any bitcoin user; the private key is the one that only you know. All you have to do is to keep your private key secret – and your bitcoin account will be safe from electronic theft.

  • Bitcoin offers no chargeback options. There is no such thing that you believe that you safely receive your money and the sender just pulls it back in a withdrawal option. When you use credit cards, you are at risk of chargeback fraud, but it cannot happen with bitcoin.

  • Unlike average currencies, bitcoin will not lose its value. Governments can print new money when economy is declining, so currencies lose some of their value. Bitcoin is, on the other hand, limited up to 21 million. It means that bitcoin trading and exchange are safe and solid. Even if the market changes, the prices of the bitcoin will not change dramatically.