Transaction fees are low or non-existent
Unless you prioritise your transaction with a higher mining fee, then it will take longer for miners to add your transaction into a new block (the person who pays more gets their transaction written into the next available block by miners). However, this is not necessary unless you need your transaction to be written into the blockchain ASAP. Otherwise, transactions without fees attached can be added within an hour if they follow all of the rules required for processing and don’t exceed the 1 MB maximum size per block. If you want complete information about bitcoin trading then visit Bitql.
Bitcoins cannot be confiscated
Since Bitcoin’s ledger lives on distributed networks throughout the world with copies on millions of computers that constantly check each other’s work, it is impossible to simply “shut down” or take control of the Bitcoin system. You’d have to simultaneously locate every instance on planet earth where bitcoins are being stored and destroy them all while making sure no one copies the ledger in its entirety which will be nearly impossible.
Bitcoins are safe from inflation
New bitcoins are generated through mining, but this process is also controlled by an algorithm that ensures there will only ever be 21 million bitcoins created (more than 17 million currently exist). Once miners reach this cap, they will get 0 compensation for adding new blocks into the blockchain. This means that there is a finite amount of money in circulation at any given time. However, if you save your bitcoin in a wallet in which you own the private key, it becomes impossible for others to take your coins. Bitcoin is unique in that there are security measures put into place at various levels of difficulty that make Bitcoin extremely safe. For instance, Bitcoin requires you to choose a PIN that only you know when sending bitcoins from one wallet to another (this does not apply if you use an online service like Blockchain.info but it’s still safer than using PayPal).
Bitcoins are cheap
For all the benefits Bitcoin offers through its decentralized nature and increased security, it is free to use by anybody with access to the internet. There are no transaction fees so 100% of all money received can be used immediately after receiving it without having to pay additional costs. This means Bitcoin is not only the safest digital currency but also the cheapest.
You can print your own coins and notes
If you want to test out Bitcoin without spending any of your own money, then you can download a wallet on your computer or mobile device, generate a public address that others can send bitcoin to from their wallets and then print off paper-wallet addresses that look like this. These are often used by online stores that accept bitcoins for payment where users don’t need an account but still want to receive their purchases in one transaction. In fact, you could do this for friends and family members as a novelty method of sending them bitcoins without making them go through an exchange service or register with an online wallet service. If they visit a website where they can pay using bitcoins, then the coins will automatically be added to their wallet of choice.
Bitcoin transactions cannot be reversed or refunded
Once a transaction is completed and verified by miners and written into the blockchain (a process that takes about 10 minutes on average), it is considered irreversible and no longer owned by you. This means that if your money was sent to somebody else or an online retailer doesn’t send through your purchase, then there is usually nothing that can be done as the transaction has been processed with no way of canceling or reversing it. In fact, this principle led to the failure of one company earlier in 2013 after defrauding users out of the millions worth of bitcoin.
Conclusion
Bitcoin offers numerous benefits over traditional currency, but it may not be for everybody due to various reasons. Bitcoin transactions are irreversible so if you want to cancel or reverse a transaction, then the only options available will either rely on trusting somebody else with your Bitcoin (as they can just send it back) or opening yourself up to more fraud by sending Bitcoin through an unsecured channel like Western Union or Moneygram. You also run the risk of losing Bitcoin if their wallet was stored on somebody else’s computer that crashed and didn’t back up Bitcoin before failure. There is no chargeback option with Bitcoin which some people will love, while others would immediately turn away after reading this paragraph based on how used to living in a world where refunds work differently. It all depends on what you’re used to doing with your money and whether you can stomach the risk of not being refunded if something goes wrong.
