Bitcoin is a comparatively new type of currency that has just started to hit the major markets.

Critics claim that using Bitcoins is not safe because:

• They have no real value.

• they are not regulated

• They can be used to conduct illegal transactions.

Still all the major market players talk about Bitcoins. Below are some good reasons why this crypto currency is worth using.

Fast payments – When payments are made through banks, the transaction takes a few days, similarly, electronic transfers also take a long time. On the other hand, Bitcoin virtual currency transactions are generally faster.

“Zero confirmation” transactions are instant, where the merchant accepts the risk, which is not yet approved by the Bitcoin blockchain. If the merchant needs an approval, the transaction takes 10 minutes. This is much faster than any interbank transfer.

Cheap – Credit or debit card transactions are instant, but you are charged a fee to use this privilege. In Bitcoin transactions, the fees are usually low, and in some cases, it is free.

No one can take it away: Bitcoin is decentralized, so no central authority can take a percentage of your deposits from you.

No chargeback – Once you trade Bitcoins, they are gone. You cannot claim them without the recipient’s consent. Therefore, it becomes difficult to commit chargeback fraud, which people with credit cards often experience.

People buy products and if they find them to be defective, they contact the credit card agency for a chargeback, effectively reversing the transaction. The credit card company does this and charges you an expensive chargeback fee ranging from $5 to $15.

Secure personal data – Credit card numbers are stolen during online payments. A Bitcoin transaction does not need any personal data. You will need to combine your private key and Bitcoin key to make a transaction.

You just need to make sure that strangers don’t get access to your private key.

It is not inflationary The Federal Reserve prints more dollars, every time the economy falters. The government injects the newly created money into the economy causing a decrease in the value of the currency, which triggers inflation. Inflation decreases people’s power to buy things because the prices of goods rise.

Bitcoins are in limited supply. The system was designed to stop mining more Bitcoins upon reaching 21 million. This means that inflation will not be a problem, but deflation will be triggered, where the prices of goods will fall.

Semi-anonymous operations – Bitcoin is relatively private, but transparent. The Bitcoin address is revealed on the blockchain. Everyone can look in your wallet, but your name will be invisible.

Easy micropayments – Bitcoins allows you to make micropayments like 22 cents for free.

Fiat Currency Substitute – Bitcoins are a good option for holding national currencies experiencing capital controls and high inflation.

Bitcoins are going legit – Major institutions like the Bank of England and the Fed have decided to accept Bitcoins for trading. More and more outlets like Reditt, pizza chains, WordPress, Baidu and many other small businesses now accept Bitcoin payments. Many binary and Forex trading brokers also allow you to trade Bitcoins.

Bitcoin is the pioneer of the new era of cryptocurrencies, the technology that allows you to take a look at the currencies of the future.