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Some Advantages Of Buying Things With Bitcoin That Could Affect The Banking Industry

Bitcoin offers unique advantages instead of for things with either debit and credit cards. In this article, we will be going over some of the specific advantages that it can offer.

Advantages Of Buying Things With Bitcoin That Could Affect The Banking Industry:

1. Anonymity.

The main benefit that everyone talks about is the fact that your purchases remain anonymous. Unlike with other kinds of payment, you are not going to have a record of your payment which means that it will allow you to buy things without getting tracked. The purchases cannot be traced back to you. Therefore, they operate much like cash purchases which are going to be advantageous for a lot of people that want to avoid having all of their purchases tracked. Along with this, you don’t have to provide the same personal information as you would for proper debit or credit card authorization from a store. Therefore, there will be no record of the purchase ever happening.

2. No Taxes.

Another advantage of Bitcoin is that Governments have no way to tax these types of purchases because there is no way for third parties to even track them, to begin with. Therefore, there will be no sales tax imposed on the purchases made with Bitcoin.

3. Low Transaction Fees.

Unlike credit cards and debit cards, the transaction fee is very low with Bitcoin. Because Bitcoin transactions do not have any sort of institutional involvement, the actual transaction has minimal fees associated with it compared to other options. This is a big one for those that travel around and need money on the spot because each transaction can go through with minimal hassle and in minimal time. This alone is going to be advantageous to those that make hefty transactions and who might need transactions to go through seamlessly. There are even ATM machines popping up that you can withdraw and transfer Bitcoins such as those used as an ATM for Dispensary.

4. Mobile.

Another significant benefit that comes with Bitcoin is the ability to access and pay for their coins wherever they have access to the Internet. Therefore, you are never going to have to go somewhere like a bank or even to a physical store in order to get the product that you want to purchase.

5. Faster Transfers.

As mentioned previously, you will be able to transfer money at a much faster rate because you are not going to have to deal with the same third-party interruptions that you would be subject to with other forms of payment. Because banks and Governments are not involved with the user transactions due to it being peer to peer, the transactions are going to go through much faster with fewer things happening to them.

Overall, there are plenty of different benefits that you can get from using Bitcoin over debit or credit cards. In the end, it is a superior method of currency because it provides the consumer with all of the power and a lot of possibilities that you simply wouldn’t be able to get with other kinds of currency or methods of payment like credit or debit cards.