It's fast, it's cheap to use, it's private, and central governments can't take it away. Read the guide for more reasons on why you should use Bitcoin.
Nick Konig's insight:
CoinDesk has another great article on why to use Bitcoin. There reasons are that it's fast, cheap, governments can't take it away, no chargebacks, privacy, does not inflate, you own it, you don't need to trust anyone else, and you can create your own money. These are many good reasons but since there are so many and some of them we have already covered, I will state the two best benefits. One main benefit is that governments can't take it away. This intertwines with the benefit that you own it. Bitcoin is not based on a certain government or bank, you own it and no one can take it away from you. Bitcoin does not inflate. With regular fiat currency, governments can print as much as they want which causes the price of things to rise but with Bitcoin there is a permanent amount of Bitcoins which can never change making inflation impossible. This was another great article and showed great benefits of cryptocurrency.
Bitcoin.co wrote a great article on the benefits of cryptocurrency. The article was mainly on the benefits of their own cryptocurrency, Bitcoin, which is also one of the more popular cryptocurrencies. Some of the benefits listed were irreversible transactions andno paperwork. Irreversible transactions are beneficial because with credit cards a merchant can send a buyer a product and the buyer has the ability to "chargeback" the order which is to cancel the payment even though they already have the product. Bitcoin makes this kind of stealing impossible because all Bitcoin purchases are permanent and irreversible. No paperwork is obviously what it sounds like, no paperwork is required in order to have Bitcoins. You don't even have to give your phone number. This article was a good source because it focused on a specific cryptocurrency, Bitcoin, unlike the other articles which focus, more broadly, just on cryptocurrency.
CoinPursuit gave many reason why cryptocurrency benefits business. They said that cryptocurrency benefits business because it can be used easily on international marketplaces, it's very secure and private, no charges or fees, and the vendor and the currency both benefit from a transaction. The reason why it can be used on international marketplaces easily is because it's not attached to any single country's currency, therefore, no exchange rates, interest rate, or transaction tax. Cryptocurrency is private because unlike credit cards you do not have to put in any personal information. Also unlike credit cards, there are no late fees or monthly charges because there is no business behind cryptocurrency. The reason why it benefits both the currency and the vendor is because if the vendor advertises that he/she accepts cryptocurrency, it gives publicity to both the vendor and the currency provider. These few but significant points made by CoinPursuit were excellent because the business benefits listed were good ones at that.
While bitcoin has its risks, there are major benefits to spending digital currency, argues Coinbase's Nicholas Tomaino.
Nick Konig's insight:
CoinDesk explains a few but big benefits of cryptocurrency (mainly Bitcoin) for actual consumers, in other words, why a person should use Bitcoin to buy their online goods. The reasons CoinDesk gave were privacy and ease of use. The reason Bitcoin is beneficial to privacy is because unlike credit cards and debit cards where you have to give personal information which means anyone who has personal information about you can get into your back account. With Bitcoin, all you need to know is your personal key and your public key. You give your public key when buying something and then you confirm the purchase with your private key in your Bitcoin wallet which means you never have to give your personal key to any business. A small but essential benefit of Bitcoin is ease of use. Bitcoin does not require tons of verifications like credit cards. It is a two click system. This article had lots of great information and it was very clean cut.
In this article, Coinpursuit states the advantages for a vendor or business to use cryptocurrency. The greatest points they made were that vendors don't get a monthly fee when someone uses a cryptocurrency at their business, all sales are final, and more information is stored about the purchases. Almost all credit card company charges the vendor a monthly fee for excepting their card at their business but cryptocurrencies, like Bitcoin, do not have these fees. When a person buys something online and then refunds it before the product is shipped is a called a "charge-back". Charge-backs are annoying for consumers and they can damage a consumers credit score in the long run. All cryptocurrency transactions are final and irreversible. Also, more information is stored when people use cryptocurrency, making it easy for vendors to see how their business is doing, see who's buying what, and then easily assign loyalty cards to customer's digital wallets. These advantages listed by CoinPursuit are great advantages for businesses and are just a few of the many benefits of cryptocurrency.
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