A new digital way to exchange money is taking the US, and the rest of the world, by storm. The new wave, called Bitcoin, is similar to Paypal, but it is quicker, cheaper, and more secure, to name a few benefits.
Since it launched in 2009, increasingly more companies, such as Overstock.com, Paypal and Wikipedia, to name two, are finding Bitcoin beneficial.
HOW DOES IT WORK?
Bitcoin is a way to keep your money on an electronic ledger. You control the horizontal; you control the vertical. Funds are transferred directly from buyer to seller, known in the industry as peer to peer. You can pass “Go” and collect $200; you don't have to go directly to jail.
The “money” isn't printed but is generated by scads of people all over the world and a record of what you own is put into an electronic ledger, which you can keep on your computer or mobile device. Bitcoin uses complex mathematical formulas in order to keep intruders from getting their hands on your dough. This is known as cryptocurrency.
WHY USE BITCOINS?
Your electronic currency will protect you against inflation. In fact, it will appreciate in value. Bitcoins are a hedge against the whims of the market as well as the Federal Reserve. The amount in your account today will be worth more tomorrow.
Unlike funds transferring from another bank into your bank or from an overseas wire transfer, which can take days, Bitcoins take about ten minutes.
Transaction fees with Bitcoins are minimal, and sometimes free, compared to credit card and other transactions, which can cost you a bit.
Bitcoins are a secure way to transfer money, especially over the Internet. Unlike credit card web payments, which leaves a trail of potentially risky information, this new form of transaction doesn't leave a trace. All anyone else can see is your Bitcoin address, your public key. And thanks to an applied mathematical function, your “private key” protects your privacy. This is analogous to an apartment complex, where other residents can enter via a common door, but they can't get into your apartment without your key.
Unlike Paypal, for example, with Bitcoin, you don't have to worry about someone freezing your account.
With Bitcoin, the government can't raid your account, as was the case in Cyprus in 2013, when the Federal Band sucked up uninsured deposits larger than $100,000 to feed its appetite.
People who send you Bitcoins can't arbitrarily take them back. Not without your permission.
You are in charge of your monetary transactions, with no third party to stick its nose in your business. Your deals are just between you and the party with which you are doing business.
You can sell your Bitcoins to others, with a profit. This is a legit way to “make money.”
When you deal with purchases in foreign lands, the exchange rate is more equitable.
INTERESTED IN BUYING BITCOINS?
Follow the link below to take advantage of this growing trend that will help you make secure financial transactions efficiently while increasing your funds.
