Today, many companies and online retail stores including online casinos are offering Bitcoin as a payment mode. Bitcoin payment mode is preferred or chosen for multiple reasons.
Bitcoin represents decentralized digital currency. A Peer-to-peer or P2P network is used to transfer the cryptocurrency from the sender to the receiver. There is no need for approval or interference from a third party. However, every transaction conducted on the P2P network is recorded in a blockchain. It is a public ledger distributed and verified by the network nodes.
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Bitcoin payment mode is popular because of its multiple benefits. Here are some major advantages to consider while deciding to pay with Bitcoin only.
No banking charges
Bitcoin is chosen as a payment mode because the transactions don’t involve banking charges. For example, if you bought event tickets with Bitcoin then there is no need to pay banking fees like maintenance or minimum balance fees, or overdraft charges.
Low fees for overseas transactions
The transactional charges for overseas payments are very low. Wire transfers and foreign purchases involve the exchange costs and transaction charges. Bitcoin is a decentralized currency form and there is no involvement of government and intermediary financial institutions. The transaction costs are significantly less compared to bank transfers.
Travelers can find it beneficial. Even people working overseas choose Bitcoin payment mode to send money to their families back home. Unlike banks, Bitcoin transfers are quick and the frustration of delays is eliminated.
Mobile and secure
Bitcoin transactions are mobile and secure. With internet access, Bitcoin can be bought with ease from anywhere or at any time. There is no need to share personal details to complete a transaction. Unlike banks and credit cards, there is no need to provide a name, email, SSN, or any other ID with a P2P Bitcoin transaction. Bitcoin offers anonymity to people who prefer privacy in what they do with their finances.
In terms of security, Bitcoin uses Blockchain technology that is impossible for cybercriminals to hack. Bitcoin is not tangible but if hackers get to know your private key codes for the wallet they can steal your coins. It is the Bitcoin owner’s responsibility to protect their wallet password, recovery codes, and public & private keys.
No chargeback risks
Bitcoin is a P2P currency. Transactions are nearly instant. It is a push system without any chargeback risks. Once you send Bitcoins, the transaction is irretrievable. It is similar to fiat currency. Once you pay someone dollars or euros, you only get it if the recipient approves but in Bitcoin transactions are irreversible.
Bitcoin money supply information is available for anyone to view on a public ledger. Personal information is concealed but transactions using Bitcoin are seen.
Bitcoin offers the freedom to transact around the world anonymously, securely, and with low charges. It offers economic stability!