Bitcoin is a virtual or digital currency that was invented in 2009. It is the first cryptocurrency created which is taken in the form of coins or token. It is a currency that you can sell, buy or even exchange directly without having an intermediate like a bank. The need for an electronic payment system based on cryptographic proof leads to the creation of Bitcoin. Much of the hype is all about how to earn bitcoin by trading it.
Benefits Of having a Bitcoin:
The following are the benefits of having bitcoin-
- Exclusion of transaction fees – Bitcoin users are free from traditional banking fees made during the purchase of credit or debit card. This indicates no account maintenance charges, no overdraft fees, and so on. This feature makes it user’s pocket friendly.
- Quick Access – Within a few clicks on the computer or a smartphone, user can send and receive bitcoins to population without going through the traditional payment methods. It is much quicker than the conventional method.
- No Involvement of Intermediates – The payment system that is followed by the bitcoin transaction is peer-to-peer. This means that there is no third-party involvement when you send and receive payments from anyone around the globe.
- Low Risk of Fraud – It is made possible to transact without revealing your financial details to the seller. Since Bitcoin is just like virtual cash, hackers are far away from seizing it. Thus, users enjoy the lower fraud risk that most debit or credit cards fail to.
- Transparency – Users priority was the transparency of their financial data when it associated with money transaction. The person’s entire information is stored privately in the blockchain system.
- Bitcoin Mining- In this process, the computer confirms that the transaction has happened on the network with forex deposit bonus. It has the potential to turn into a huge business. By mining, one can also earn cryptocurrency without spending a single penny.