7 Best Advantages Of Decentralized Currencies Like Bitcoin

Decentralized Currencies

It is strange to think that Bitcoin is such a phenomenon, yet the founder’s identity is still unknown!

We have all heard of Satoshi Nakamoto. However, no one knows whether it is one individual or a group, and it will always be ‘cryptic’ to humankind.

Well, at least the name cryptocurrency seems fair now!

But, keeping all the mysteries aside, there is a reason why it has gained such mass popularity in the digital world—especially decentralized currencies like Bitcoin, which have numerous advantages over fiat.

Here, to name a few.

1. No Chargeback For Business Owners

Now, as a business owner, it is an ethical duty to refund damaged products or unsatisfied services. However, an encounter with a dishonest customer is also not something not witnessed.

When a transaction is done by a credit card, someone can easily file a dispute with the credit card company and get the full refund. With bitcoin transactions, the decision will be in your hand. Therefore, if you decide to refund, you will make that decision based on ethics and not force.

2. It Decreases Fraud

When it comes to the different fraudulent activities that go around during any other digital transaction, the numbers are countless. However, one of the admirable parts of this decentralized currency bitcoin is that every information is on the public ledger.

No transactional history is hidden, and neither can be controlled by any government source. On top of that, Bitcoin has nodes or computers that store the Blockchain, and before any transaction is done, they are saved and thoroughly verified before inserting them in the records.

3. It Is Fast

How many times have you been frustrated with this message?

‘Your amount will be refunded in your bank account within 4 to 7 business days.’

Every time!

There cannot be an any better reason than this to invest in bitcoin because all the transactions are done quickly and immediately, and at the same time refunds, settlements are almost instant.

Therefore, the amount will be reflected in your record the moment you receive the digital currency. Furthermore, according to the bitcoin code platform, your trading experience will enhance immensely with this cryptocurrency.

4. Transaction Fee Are Much Reasonable

When you are trying to purchase something, especially internationally, there is a transaction fee allocated to your credit card along with the actual price. It is a downer to see dollars gone for no reason.

Now, every currency will have a transaction fee.

However, with Bitcoin, you never have to worry about high charges again. Bitcoin fees are comparatively lower and reasonable because of the Blockchain method.

5. Your Customer Service Will Be Top Notch

Due to a business transaction, someone’s credit card being in the permanent records of a company’s system; can be very risky. At least, it will never give the customers making the payment a sense of absolute trust.

Therefore, you should switch all your business transactions to a decentralized currency like Bitcoin because no tangible or ‘real life’ monetary record is put into the system. 

With this, your loyal customers will feel secure from all the credit card frauds or sudden cyber attacks in a company’s system.

6. Free From Illegal Transaction

With Bitcoin, you will never fall victim to highly illegal money transactions done for the purpose of money laundering.

We always fear that our digital transactions can be used for money laundering.

However, with bitcoin and its highly supervised Blockchains, cybercriminals can’t take advantage of this platform.

7. You Are Your Owner

No matter how much you decide to network or invest in bitcoin, the bottom line remains,

You are the owner.

There is no control from the upper hand or the government. You decide how much you spend or invest and to whom.

To Conclude

Now, the Blockchain economy stands at more than 100 billion dollars. This means that people, especially business owners with huge transactions, have already started understanding the benefits of cryptocurrency.

Bitcoin might have an empire on its own, but the transparency and smooth segmentation of the system make it simple. This makes it stand out, away from the complications when everything is clear and right there for everyone to see.