Bitcoin transactions are better than cash transactions because you can use them anywhere, any time. No one will stop you from sending or receiving money.
Many people believe that cash is the best way to make payments, but Bitcoin is a whole new level of payment system which is even more flexible and convenient than cash. To make a Bitcoin payment you just need to click at this link.
The most significant advantage of Bitcoin payments compared to other online payments – e-wallets, PayPal, or bank transfers – is that they are not reversible.
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5 Reasons why bitcoin transactions are better than cash transactions discussed
No third party control
When you pay with cash, someone must be present to ensure that both parties fulfil the transaction. There is a chance to dispute and cancel the deal. That’s why the payment with cash will never be as secure as Bitcoin transactions.
In addition, the digital signature technology makes Bitcoin transactions wholly transparent and impossible to dispute or cancel.
Instant transfers
Bitcoin payments are sent directly from one wallet to another without immediately involving third parties. Consequently, you select either a hot wallet or a cold wallet for your advantage. This is unlike bank transfers which take some time for the transaction process until it’s completed. Sometimes, there can be delays due to bank holidays or problems in a payment network.
On the other hand, when you send cash via a physical location such as a bank or a credit union, it can take several days until your transaction is completed.
Even if you pay with a debit card, your funds will only be available after several hours. The best part of Bitcoin payments is that they are available instantly.
Security
Bitcoin transactions are highly secure because nobody can charge you or block your account without having a digital key to your Bitcoin address. The only way to lose Bitcoins would be if someone gained access to your private key and robbed all of them from your wallet. This would be similar to a bank robbery.
Anyone can receive a payment
It makes no difference whether your system is powered on or off. Likewise, it doesn’t matter if you are operating the Bitcoin wallet from which you send coins because nobody will be able to seize them without having your private key.
This makes digital currency much more valuable than cash because it offers such a high level of security. For example, if you lose your physical wallet, you can always access your funds by using another one.
Many people can afford it
Even though Bitcoin is digital money, it has no fees. That means you can buy even 1$ worth of Bitcoin without having to pay anything.
All you need to get started is to create a Bitcoin address, and there is much free software that you can download from the Internet to create one.
Many people think that Bitcoin transactions aren’t free because you will be charged miner fees. That’s not true, though. You can send any amount of money to anyone without having to pay anything because the only price which will be applied is a voluntary tip you can add to your transaction to speed up its confirmation by miners.
Even if the person you are sending Bitcoin doesn’t have a Bitcoin address, you can easily create one and fund it to send coins to them.
3 Negatives of bitcoin transactions as compared to cash transactions
You cannot touch or feel bitcoins
It is easier to understand that you possess the money and have a physical form when paying cash. On the other hand, Bitcoins exist only in computers – this can be confusing for many people.
Bitcoin value changes quickly
Bitcoin prices change very quickly. Like most people, you would probably be checking the BTC to USD exchange rate every day. This can be very stressful, and it’s the complete opposite of cash transactions where prices remain stable.
Every country treats bitcoins differently
Not all countries have accepted Bitcoin as a currency yet, so some may restrict or even ban Bitcoins entirely in the future.
Conclusion
Even though Bitcoin is a digital currency, it offers three significant benefits over traditional cash transactions. First, bitcoins are available instantly, provide high-security levels, and are affordable for everyone.
However, there are also two notable negatives that you need to be aware of when using them to make informed decisions on whether you should use bitcoins or not.
