It has no transaction fees.
Remember those $3 ATM Fees? Gone! Remember paying $10 to cash a check? Gone! Remember waiting until a check cleared? Gone! The beauty of BitCoin is that there are no fee’s or time restraints associated with using Bitcoin. You don’t need a bank account to use BitCoin.
It’s the internet’s answer to money and banking.
Before the internet, you needed to purchase a stamp to send a loved one a letter. Stamps cost money, paper costs money, ink costs money. Then email came along. Now, you can send a note in an instant without spending a penny. The same is true with purchasing products using Bitcoin. Instead of all the costs and hidden fee’s of using banking services, you can now use Bitcoin which is 100% free.
Bitcoin is an excellent electronic alternative to Paypal.
Paypal has, for a long time, been the primary method for buying and selling goods online. Since becoming popular in the 1990′s, Paypal has reaped enough profits to literally send it’s own manned aircraft into space. That means the money is coming from somewhere, and of course, it’s coming from the customers that have accounts online. Paypal typically earns about 2% of all money flowing through its customer accounts. With Bitcoin though, that 2% is able to remain yours! Although it doesn’t sound like much, consider how much wealthier communities would be if they saved 2% on EVERY TRANSACTION. That’s alot of money.
Additionally, in an effort to stifle the use of electronic currencies, Paypal has made it against their Terms of Service (TOS) to purchase electronic currencies with their accounts. Their claim is that electronic currencies contribute to illegal activity and leave buyers vulnerable. But let’s face it, those same things are possible with dollars, euros, pounds, or yen. I think there are alterior motives behind their terms of service. You?
When was the last time you purchased something online with your debit or credit card and didn’t think “I wonder if my card information could be stolen” or “can I trust this seller with having my personal information?” Well, BitCoin is an awesome solution to privacy and information protection. You can purchase with confidence knowing your transaction is anonymous and that your account information won’t get stolen, hacked or seized. That’s because there are no “bank accounts” and you control your BitCoins, not a financial institution.
Currencies come and go. Dollars are accepted in the United States, but not in many areas of Europe. Similarly, British pounds are accepted in the UK, but not in the United States. This not only stifles peoples buying and selling of things, but it leads people to want a trusted universal alternative they can use anywhere. Enter BitCoin.
With BitCoin, you can purchase anything anywhere with no transaction fees. Additionally, you’re fully capable of transporting your currency across borders and around the world (while traveling) without worry of your funds being confiscated for who knows what reason.
It’s Decentralized. (Nobody controls it!)
A major problem with all forms of money that exist today is that more can be printed very easily. And while sometimes this is a good thing, it almost always ends up being a bad thing. Governments and central banks often distort the value of money when they run low on funding. This means when times get tight, they simply print more money to cover their costs.
Why is printing money bad? Well, it’s not always. But think of it in simpler terms. If your buddy John was able to print paper money, don’t you think there’s a slight chance he might end up printing too much money just for his own personal gain? Do you think he might even lie at some point about the value of the money he was printing to make it seem more justified? I’d put my money on it.
It’s Just Beginning.
Although BitCoin is still in its infancy, it’s growing dramatically. There are now more people using Bitcoins than at any point in history. It’s the most widely accepted electronic currency in the world. Because people are seeing the large number of advantages of using BitCoin, they’re starting to open their eyes and test the waters.
Sure, BitCoin has its problems. Nothing is flawless. But we talk more about the problems with BitCoin in our article on the potential pitfalls of using BitCoin.