There have always been comparisons between cryptocurrency, Bitcoin in particular, and fiat currency. In this article, we will discuss one of the most controversial topics, which is the advantages of paying with Bitcoin , the world’s leading cryptocurrency.
1. Bitcoin is autonomy
One of the most important things for many users, and indeed one of the most primary tenets of cryptocurrencies more generally, is autonomy. Digital currencies allow users more autonomy over their own money than fiat currencies do, at least in theory. It means users are able to control how they spend their money without dealing with an intermediary authority like a bank or a government.
2. Bitcoin purchases are discrete
unless a user voluntarily publishes their BTC transactions. Cryptocurrency purchases are never associated with users’ personal identity, much like cash-only purchases, and cannot easily be traced back to them. In fact, all crypto addresses are anonymous, and addresses that are generated for user purchases change with each transaction. This is not to say that Bitcoin/crypto transactions are truly anonymous or entirely untraceable, but they are much less readily linked to personal identity than some traditional forms of payment.
3. Bitcoin payment is peer-to-peer
The Bitcoin payment system is 100% peer-to-peer, meaning that users are able to send and receive payments to or from anyone on the network around the world without requiring approval from any external source of authority.
4. No additional costs
While it is considered standard among cryptocurrency exchanges to charge so-called “maker” and “taker” as well as occasional deposit and withdrawal fees, bitcoin users are not subject to the traditional
banking fees system associated with fiat currencies. This means no account maintenance or minimum balance fees, no overdraft charges and no returned deposit fees, and etc.
5. Standard wire transfers
Standard wire transfers and foreign purchases typically involve fees and exchange costs but since Bitcoin transactions have no intermediary institutions or government involvement, transaction costs are kept very low. This can be a major advantage for travelers. Additionally, any transfer in BTC happens very quickly, eliminating the inconvenience of typical authorization requirements and wait periods.
6. Internet payment
Like with many online payment systems, BTC users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. However, unlike online payments made with bank accounts or credit cards, personal information is not necessary to complete any transaction.
7. No need for a banking system
And the last one, because users are able to send and receive BTC with only a smartphone or computer, it is theoretically available to populations of users without access to traditional banking systems, credit cards, and other methods of payment, making the process faster.
