Why is Everyone Making a Fuss about Bitcoins?

Bitcoin

The craze around bitcoins is so huge that it has caught the attention of billionaires like Bill Gates and Richard Branson. So you see how big a deal it is. The love for the bitcoin comes from its qualities of being secure, interchangeable to any currency and divisibility.

Everyone with internet access should have at least heard of this popular word. However, for those living under a rock, let me break it down for you.

What is bitcoin?

This popular term stands for a type of digital currency that is not controlled by a central bank. It is so independent that anyone can buy and sell stuff without an intermediary, mostly the banks. Better yet, people are making investments with this new currency. Evidently, most are making real good money from bitcoin investing. How it works is it uses encryption techniques that regulate currency unit generation while verifying cash transfers.

Bitcoin

How is the Bitcoin Price faring lately?

According to a current article on The Wall Street Journal, the price of bitcoin seems to have a similar value, if not more, to the price of gold, with some even referring to it as ‘digital gold.’ Bitcoin value seems to have gradually risen over the years making it even hotter than gold with the current purchase between $3000 and $15000. You can now see why people are pushing to invest in this digital gold.

Where can interested people buy bitcoin?

There are 3 main places to purchase bitcoins;

  • Through a bitcoin exchange
  • Through a bitcoin ATM
  • Through people within your community

You may wonder how to buy bitcoin from these three places. For starters, when using the exchange route, you will find a list of numerous businesses willing to help you make bitcoin purchases through your bank account. Vet them thoroughly to ensure any transactions are secure.

The second method of buying bitcoins requires you to research on people selling their bitcoins online. This will need even more background checking to verify that the sellers are legit. A great go-to is reading reviews for those who are known for buying and selling bitcoins.

Finally, using a bitcoin ATMs to purchase bitcoins is another medium. Just deposit your money to buy bitcoins, or even withdraw money when selling your bitcoins. Bitcoin in Canada is mostly bought and sold using this method.

The best part about bitcoins is that they can be changed into any currency. For example, in Canada, Bitcoin to Canadian dollars requires you to merely key in the Canadian currency for you to receive your money.

Canadians are some of the people making a great living out of bitcoins. For those wondering where to buy bitcoin in Canada, rest assured there are more than 25 bitcoin exchanges spread all over the country. This just shows how much Bitcoin in Cad is popular, so much so that you never have to ask yourself how to buy Bitcoin in Canada.

In conclusion, it is advisable to keep your Bitcoin Wallet secure since it is the device that holds your digital currency. This calls for responsibility and applying good practices such as;

  • Exercising caution when using online services
  • Encrypting and backing up your wallet in case of errors
  • Keeping small amounts of money for use on your computer while the larger amount stays in a safer environment.

Benefits of Using Bitcoins

If you plan to use this new form of payment within your enterprise, you must have an exceptional reason to do so. It is evident that people would not be using bitcoin currency if they were not beneficial in any manner. The way in which they have become popular within a very short period should serve as a green light. The use of this currency is one of the leading decisions that will propel your business towards success. However, there are various things to understand before adopting them. Here are some benefits of using Bitcoins.

1)  Constant rise in value

The rate at which bitcoin is rising in value is one of the reasons why you should adopt them. Some people are often scared by the manner in which this currency fluctuates. The fluctuation factor is becoming scarier when it comes to converting them into the standard currency. However, financial predictions suggest that the bitcoin currency is not depreciating and is instead is appreciating very fast. Therefore, adopting this currency guarantees you a brighter future. However, this is a prediction and not facts; thus, you can only do this at one’s own risk.

2)  Bitcoins are universal

While using Bitcoins, obtaining different currencies from dollars to pounds to Euros will be easy because it is a universal currency. This factor favors both international and local merchants. Moreover, while purchasing goods or services, there is no need to calculate the exchange rate to make a purchase because they can quickly know how much it will cost them without many calculations. This is an advantage that the use of credit cards lacks.

3)  No chargebacks

Unlike the use of credit cards, you will never experience chargeback with Bitcoins. Purchase made with this crypto-currency is final and therefore no returns like those rife in credit card dealings. Often, chargebacks with credit cards occur in the event where goods bought are not delivered or do not fit the initial description. In the occurrence of chargeback, the credit card company can refund money back to the purchaser by withdrawing it from your card and sending it back to the client.

Merchants and also casual individuals are strongly advised to use Bitcoins more than cash from their credit cards. On the other hand, you may decide to sit on the sidelines and observe the trend assumed by bitcoin trading until you are satisfied before joining.

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