Most of the users these days are trading with bitcoin because of the ease of accessibility. More than anything, bitcoins can be spent the way you want to without the mediation of any financial organizations or banks. It gives the user complete autonomy of the money, but they own.
A lot of people love the system because they do not have to go and stand in front of the banks or ATMs to withdraw cash and spend them. Everything can be done online, and it is very easy to buy and sell things using bitcoins.
Through this article, we are going to see some of the major benefits that the end-user gets when using the bitcoins for buying anything.
Everything that you spend need not be published
Unless and until a user wants to publish that transaction publicly regarding the bitcoins that they have spent, the information is going to be personal. No one would get to know where the money has been spent. All the details will be published on the blockchain technology ledger; the details of the user will be completely unknown to the other Bitcoin traders. With this, one can easily maintain the anonymity of their transactions using libra method.
Easy money transactions
Assuming you want to send cash to one of your friends residing in any of the international locations, adding the beneficiary details on your bank using the online mode would also take more than 24 hours.
This is because of the verification process that the bank has to conduct in order to allow you to transfer the money. When you are transferring the same amount using bitcoins, you do not have to seek any approval from anybody if the receiver is also registered on the blockchain ledger. It is based on peer to peer networking, and you can transfer money to anybody around the world if they are registered Bitcoin users. The transaction becomes extremely easy with this facility, and this is one of the major benefits that every Bitcoin user will get when they start trading with bitcoins.
There are no hidden transaction fees apply
If you start using a bank for any of the transactions, there are a lot of service taxes that would be charged based on the transactions that you carry out. Although there is some sort of transactional fees involved even in bitcoins and cryptocurrencies, they are way too nominal.
There is a Maker and taker fee, and sometimes there are also fees for some deposits that you make using bitcoins. Apart from that, there are no other charges that would be applied when you transact through bitcoins.
No minimum balance required
With bitcoins, you do not have to maintain any minimum balance as you do with banks. The amount that you maintain is up to your discretion completely. Maintaining the minimum balance would always be a better option, but even if you do not maintain it, there would not be any extra fees or charges that would be applicable like they do in the banks. This is another important benefit that everyone can get when they are trading using bitcoins.
Extremely low fees on international payments
As there is no intervention of any government authority or financial organization, any transactions that you carry out internationally will only have very minimum fees. Travelers can benefit allot with this particular option. You can buy or sell anything that you want to internationally without spending any amount of money as you do it when you transact using the traditional banks.
Money Transfers will happen within seconds
Even if the beneficiary is added on a bank account, it would be at least a couple of hours if you have to transfer more than the limit of the amount that is mentioned by the organization or the bank. When you are transacting using bitcoins, you are authorized to send any amount of money to anybody that is registered on the blockchain technology within moments. This is one of the greatest advantages that you will get when you are using Bitcoin over the traditional banking system.
These are some of the major advantages that you will get when you are transacting using bitcoins over the traditional banking system or method.