Bitcoin Experts Explain Cryptocurrency Benefits: Here’s What They Had to Say
The Benefits Of Bitcoin According To Experts
Those who are considering investing in bitcoin are likely wondering if the investment is worthwhile. According to some experts – it is and there are several benefits to doing so.
Here are a few of the benefits of Bitcoin highlights:
This benefit is for merchants, not consumers. Merchants often deal with the issue of chargebacks, at least when it comes to credit cards. Dissatisfied customers can contact their credit card company and ask that the transaction be reversed. As a result, the company will “charge back” the account – meaning, the funds will return to the consumers account and be released from the merchants.
When it comes to bitcoin, this is a non-issue. Bitcoin transactions are irreversible, so there are no chargebacks to dead with.
Credit and debit payments can be easily tracked and traced.
Unlike credit cards, bitcoin transactions are devoid of tracing and tracing. Merchants can implement bitcoin into their business and not have to worry about proof of address or identification for verification purposes, making it a prime system.
Even though bitcoin’s value has fluctuated greatly in the past few weeks, its overall value seems to be increased. However, it is important to note that one needs to determine the viability of bitcoin over the short and long term and their investment needs as well.
Cheap And Quick Transactions
Bitcoin’s transfer fees are quite low, especially in comparison to credit and debit payment transactions. Experts estimate that it costs 0.005 BTC to transfer bitcoin from one account to another. The low rate, when compared to credit and debit card transactions, makes bitcoin the more favorable option for such transactions.
Finally, bitcoin transactions can be confirmed within an hour or two, which is quick compared to the lengthy process needed for wire transfers. When it comes to wire transfers, the process can take anywhere from two to seven days.