The Rise of Bitcoin

There are a variety of different technological advancements out there that can make you a lot of money on. In the past year, the world of Bitcoin has …

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There are a variety of different technological advancements out there that can make you a lot of money on. In the past year, the world of Bitcoin has exploded in both value and popularity. There are a number of large tech companies and online retailers that are now accepting Bitcoin as a form of payment. This widespread acceptance bodes well for even further crypto-currency price growth. If you are like most people, then your knowledge of Bitcoin and other crypto-currencies is somewhat limited. The following are just some of the reasons why Bitcoin has become so popular in just a short amount of time.

  1. A Great Way to Avoid Identity Theft

Among the biggest benefits that come with using this crypto-currency is that it can help you having your identity stolen. When giving out your credit card information online, you are at risk of having this information fall into the hands of hackers. Credit cards operate on what is known as a “pull” basis, which means the store where the purchase originates will pull the information from your account at a designated time. By using crypto-currency, you will be able to use the “push” mechanisms it features. This feature will allow you to send the amount you want to a vendor and have complete control over the transaction. Most people who use Bitcoin for the first time instantly recognize how convenient it is, and how using it can protect your personal information.

  1. The Advantages of Immediate Settlement

Generally, purchasing actual property will require the use of a variety of third-parties. Whether it is a lawyer, a notary or a bank, using these third-parties can be costly and just downright annoying. With the crypto-currency blockchain, people are able to purchase property and items without the use of these parties. This not only reduces costs, it will lead to a person getting what they want in a faster amount of time. Many buyers find the appeal of the blockchain irresistible, especially when time is a factor in their purchase.

  1. Bitcoin is Accessible to Everyone

There are 2.2 billion people on the planet that have access to the internet. The only thing a person has to do to take advantage of Bitcoin and other crypto-currencies is to have a connection to the internet and some money. This high level of accessibility is also going to drive the growth of crypto-currency markets. Creating a crypto-currency wallet account is very easy and will allow a person to start trading and acquiring Bitcoin in no time.

  1. Lower Transaction Fees

Another advantage that is going to propel crypto-currency into the forefront of the financial world is the low transaction fees they provide. In most cases, as long as the store or seller accepts bitcoin as a payment option, the buyer will not have to pay a transaction fee when using crypto-currency. Some people do pay a fee when using third party Bitcoin management sites like Coinbase, but it is usually very minimal. These third party sites allow you to manage your Bitcoin and make payments to online vendors with the click of a button. Many analysts believe it is only a matter of time before larger online sites like PayPal start to accept and transfer Bitcoin. The biggest hurdle today is that most people at one point want/need to convert their bitcoin into dollars or some other fiat currency. The transaction fees for this process can be steep, but if you keep your bitcoin and use it to buy things directly, then transaction fees are extremely low.

 

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