Bitcoin is a global currency which means it works the same way everywhere you go in the world and carries the same symbol. It can be used to pay for anything anywhere in the world which makes it more convenient to the user than having to first go through the banking process.
Bitcoin can be used to make any payments to anyone at any time regardless of business hours, weekends and holidays unlike banks.
With no bank services or internet you can still use bitcoin by using a mobile phone just texting a message to any mobile number in the world in exchange for bitcoin.
With bitcoin you are in control of all your money and make transactions yourself.
Very low transaction fees.
The bitcoin payments can be converted to any local currency of your choice and funds are deposited to your bank account the very next business day at a relatively low transaction fees compared to using credit cards and PayPal.
Available and accessible information
You are able to access any kind of financial data from all corners of the world through the block chain. The bitcoin network and all transactions such as payments’ origin, destinations and when the money is on the move can be tracked and monitored through the block chain.
The bitcoin system cannot be manipulated by anyone in the system or any organization making it more secure.
Bitcoin is very private and anonymous.
Whenever you use bitcoin to move funds around, you can hide your identity behind a bitcoin wallet address. These are complex numbers and letters both upper and lower case used to create your personal address instead of using your personal information like your real name and address. So your personal information is hidden. This was created with an aim of protecting the users of bitcoin.
The bitcoin wallet is part of the block chain or ledger. Like we mentioned before, the blockchain tracks all the outgoing and the incoming transaction. So the whole world is able to see how transactions are moving but cannot tell the owner of the address.
Limited risks and losses.
Bitcoin transactions cannot be reversed or manipulated. And the fact that the merchant’s identity is also hidden, it saves them the risk of being exposed to fraudsters and criminals.
However since all transaction movements can be seen and tracked by everyone, it is very risky to always expose your wallet address in public.
When someone knows your wallet address, he can track all your transactions whether past or current.
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