These days, the digital currency is becoming famous. Though it is launched couple of years before, it is taking its momentum nowadays. As a lot of people have started to see and learn the basics of digital currency, the importance for digital currency has increased. Digital currencies are used in online transactions by business people, common people and also by traders. People in the financial sector know the value of digital currency as there are a lot of benefits in it. Knowing the benefits of digital currencies a lot of people have been investing in it. As technologies become advanced and a lot of people are using online facilities for financial transactions, it would be beneficial for the people to use digital currency.
Common facts
Bitcoin is the famous digital currency also called as crypto currency. As the term suggests that crypto currency is nothing but the currency that is secured using cryptography techniques. Bitcoins are secured using cryptography algorithms for secured transactions. The transactions are done between two digital wallets. Digital wallet is the place where the owner of the bitcoin stores the Bitcoins. Each bitcoin owner will have digital wallet. The person sending the cash to the other one has to send the bitcoin online from his digital wallet to the receiver’s digital wallet. There are different advantages of using Bitcoins. Let’s check the list of advantages to get clear idea on Bitcoins.
Faster
One of the best advantages of the using bitcoin is that the financial transactions between two entities can be done faster. It does not take much time as the cash will be transferred immediately. It is not like sending cash online in usual bank to bank account transactions.
Secured
The bitcoin transactions are done securely as the coin, the digital wallet and the transaction are secured with public and private keys hence the chance of stealing and hacking is low. Therefore huge amount of money can be transferred easily and immediately in a secured manner.
No transaction charges
In case of bit coin transactions there are no transaction charges. It is not only easy to send but also inexpensive. No unnecessary charges will be levied for each transaction and free transactions are facilitated. If you purchase a product in online using credit card and if the product is defective on receipt, you will have to return and claim money from bank. A fee will be charged for returning the amount you spent through credit card; such charges are not in bitcoin transactions or payments done using bitcoins.
No acknowledgements
There is no confirmation such as receipts or acknowledgements unless the receiver sends the acknowledgements. If you demand acknowledgement digitally as soon as you send the cash, it will take time. If you want the transaction to be rapid you will not receive acknowledgement.