Have you ever wondered why you should use bitcoin and if it is possible to convert bitcoin to USD? Here are top 12 reasons to keep in mind while attempting to use bitcoin as your currency of choice in daily life.
- It is fast: faster than bank cheques or international wire transfers!
- You can use it in your daily merchant transactions: it has the “zero confirmation” transaction possibility and the merchant undertakes the risk of accepting a transaction.
- It does not follow taxation norms: reasonable transaction charges
- No bank control - the currency is decentralized.
- No retrieving of bitcoins is possible without consent for recipient.
- It is way more secure than other means of payment with signed transactions and private keys.
- No inflation
- It protects privacy
- Trusting in conventional banking systems become passé with litecoin!
- Bitcoin is absolutely decentralized- “When you send a transaction, it is digitally signed, and secure. An unknown miner will verify it, and then the transaction is completed. The merchant doesn't need to know who you are.”
- No one can freeze/close or control your Bitcoin mining account.
- It will earn your USD on its own!
- 1 Bitcoin is 242.50 USD and that is your bitcoin to USD importance!
- You can live on Bitcoin!
- Bitcoin can take care of your basic needs as it functions as a legitimate currency. But here, Bitcoin currency may not serve unless and until there are more places that list their prices in Bitcoin.
Unlike credit cards, any fees are paid by the purchaser, not the vendor.
The Guardian ( UK ) carried a wonderful story on the understanding of the nuance Bitcoin to USD through the experience of a Norwegian man.
Here is a section from it:
“The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man’s $27 investment turned into a forgotten $886,000 windfall.
Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.
Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise:
"It said I had 5,000 bitcoins in there. Measuring that in today's rates it's about NOK5m ($886,000)," Koch told NRK.”
The above story simply reminds us how much converting bitcoin to USD is today’s reality and it is probably here to stay forever.