Bitcoin (BTC) is a virtual – or digital currency – that was created in 2009. Bitcoin uses peer-to-peer technology to enable instant payments without the need for a third party. All transactions are recorded in the blockchain. This is a public distributed ledger and validated by network nodes.
Regardless of where you sit on the financial spectrum, you have most certainly heard of cryptocurrency. In the past few years in particular, more and more people are owning some kind of cryptocurrency, with the most common being Bitcoin. Whether you’re about to dip your toes into the crypto world or have been involved with Bitcoin before, here are some of the powerful benefits attached to owning this cryptocurrency in 2022.
One of the main advantages of Bitcoin is that transactions can be easily made at a low cost. What’s more, Bitcoin transactions happen more privately when compared to other transactions. You can use a simple smartphone app, exchange wallet, or hardware wallet to send and receive a range of cryptocurrencies.
Bitcoin can be purchased with cash at a Bitcoin ATM. You don’t necessarily need a bank account to purchase crypto. For example, someone could purchase bitcoin using cash at an ATM, before sending those coins to their smartphone. You can buy BTC with debit card fast and easy thanks to Paxful. They enable you to buy BTC with debit card at the lowest possible price on the internet.
It is widely known that Bitcoin transactions are very safe and secure. You can purchase Bitcoins anywhere provided you have internet access. This means you do not have to visit a bank or store to buy coins. Unlike other payments made with bank accounts and credit cards, there is no need to put in personal information to complete transactions.
A huge plus of Bitcoin is that it’s not a physical currency. This means it’s impossible for a thief to rip off the holder. The only way a cybercriminal can steal Bitcoin is if they’re aware of the private keys for the wallet. As long as you’ve got excellent security, it’s next to impossible to steal Bitcoin.
The weekday regular business hours of 9:30 am to 4:30 pm is when The New York Stock Exchange is open. However, throughout the night, on weekends, and holidays, most traditional financial markets are closed for business. The great thing about crypto markets is they trade 24 hours a day, 7 days a week! The only thing that may interrupt an individual’s ability to trade Bitcoin would be a power outage, centralised exchange outage, or a slow internet connection.
Because you’re able to buy and trade Bitcoin around the clock, you can do so at a time and leisure that suits you. This added convenience means you can make transactions while on the go, running errands or cooped up in bed. Just be aware that levels of liquidity can vary depending on what time it is.
Low fees and short settlement times
Although some people only wish to invest in crypto for price appreciation, others may find benefits in the opportunity to use Bitcoin as a medium of exchange. Bitcoin transactions can cost anywhere from pennies to several pounds.
A key benefit of Bitcoin is payments can be settled in a matter of seconds or minutes. When compared to bank wire transfers that can cost substantially more and often take between three and five business days to settle, Bitcoin prides itself on having short settlement times and low fees.
Rapid industry growth
Bitcoin has enjoyed huge success over recent years, with this set to continue in 2022 and beyond. In fact, the cryptocurrency sector as a whole has been one of the fast-growing markets that many of us have ever witnessed in our lifetime. One of the reasons Bitcoin continues to grow is down to its widespread usage across the planet. Many people are favouring Bitcoin payment methods over others. For some consumers, using Bitcoin provides convenience and increased ease when making online transactions.
Another reason why Bitcoin is surging in popularity is because its acceptance has increased. There are more and more establishments consumers can use to pay by Bitcoin. You’ll find large giants like Microsoft, Starbucks, Twitch and PayPal now accept Bitcoin and other cryptocurrencies. Of course, billions of us are still sticking to traditional payment methods through debit and credit cards. However, Bitcoin is fast becoming the preferred option amongst many consumers.
Digital cryptocurrency like Bitcoin offers a wealth of benefits. From lightning-fast transactions to low fees, it’s easy to see why more and more individuals and traders are jumping on the Bitcoin bandwagon every day. If it’s your first time buying Bitcoin, make sure to have a strategy in place, be in it for the long term, and choose a safe and reliable purchase method.