If you're on the fence about buying Bitcoin, you might not realize that this digital currency is becoming an increasingly embraced asset not only for serious investors, but for people seeking alternative payment options for personal or business purposes. Here are the five biggest advantages of buying Bitcoin.
- Buyer privacy. Bitcoin transactions offer users the benefit of anonymity during digital transactions. Although purchasing cryptocurrency at an exchange or using a Bitcoin ATM does require some form of identity verification, transactions are conducted privately, as cryptocurrency transfers do not have a personal identity validation process.
- International transactions can be performed quickly. Standard wire transfers can take days – cryptocurrency international transfers receive authorization in approximately an hour. This is especially useful for international travelers to countries where the fiat currencies are experiencing significant inflation.
- Cryptocurrency transfers are secure. Because Bitcoin and cryptocurrency transfers are private, they are also highly secure, because no identifying personal information can be accessed by any party. Sellers also cannot levy additional charges or fees as they potentially can during credit or debit card transactions.
- Transactions cannot be reversed. Once a cryptocurrency transaction is completed, no chargebacks are possible.
- Transaction fees are low. Because there are no government agencies or private financial institutions involved in cryptocurrency transactions, fees are typically extremely low. (Although there can be some additional cost to speed up transaction confirmation, or when you trade Bitcoin for fiat currency.)
These are only a few of the advantages of transacting using Bitcoin or cryptocurrency. While relatively few brick-and-mortar retailers are set up to accept Bitcoin currently, major corporations are increasingly adopting this technology, with online stores beginning to make the shift in a major way.
If you want to buy cryptocurrency with cash, CoinFlip offers Bitcoin and altcoin resources and ATMs that allow users to buy digital currency securely and quickly. To locate the Bitcoin terminal nearest you, please visit our home page for a comprehensive map of CoinFlip ATMs throughout the U.S.
*This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, accounting, or investment advice.