Bitcoin is a form of currency that has been relatively new and very mainstream lately, but there are still many people who don’t understand why they have to use bitcoin. When you make a check payment from another bank to your bank, the bank often holds the money for several days, because the bank cannot directly believe that the fund really exists. Similarly, international wire transfers can take a relatively long time. It is very different from Bitcoin transactions, in general transactions using bitcoin are much faster. When having the idea to benefit from bitcoin, you may wonder to ask Dan Hollings Crypto read more here.
Transactions can be done instantly if the transaction is “zero-confirmation”, which means that traders will take risks to accept transactions that have not been confirmed by the bitcoin blockchain. Or, they can wait around 10 minutes if a merchant needs a bitcoin transaction to be confirmed. Which is much faster than interbank transfers.
Bitcoin Is Cheap
What do you say? Are your credit card transactions instant? Emh, that’s true. Some traders will charge a fee for each transaction on a debit card because they have to pay a very good ‘swipe fee’. However, the cost of Bitcoin transactions is very minimal/cheap, or in some cases, it can be free.
After the Bitcoin has been sent, bitcoin will disappear. Someone who has sent Bitcoin cannot retrieve it without the consent of the recipient. This makes it difficult to do the type of fraud that we often see with credit cards, where people make purchases and then contact credit card companies to do chargebacks, which effectively reverse transactions.
Bitcoin is not inflationary
The big problem with ordinary paper currencies is that the government can print as much money as they like, and they often do it. If there are not enough US dollars to pay the national debt, the Federal Reserve can print money back. If the economy in a country is sputtering/overwhelmed, then the government can take new money that has been printed earlier and inject it into their economy, through a widely publicized process known as quantitative easing. This causes the value of the currency to decrease.