Virtually any product or service that can be purchased with dollars or other currencies can also be purchased with bitcoins. On the other hand, the high volatility of bitcoins is a high risk for some people who want to use this cryptocurrency, but are afraid about price differences. However, the features of bitcoins are perfect for Internet payments:
1. Fast transactions
A Bitcoin transaction is processed in 10-15 minutes. In the case of a bank transfer, it may take hours or days for the money to reach the account. Some may say that PayPal or other ewallets are even faster. It’s true, but there are other aspects that ewallets can’t provide: privacy and lower commissions.
When you send bitcoins to a partner over the Internet, the transaction will be recorded in a blockchain. The list of transactions is public and can be verified on specialized websites. Only the identification number, sum and time are recorded. There is no way for anyone to know where bitcoins come from and where they are going. This is a feature of bitcoins that attracted a lot of people. Well, some of them are interested because they can buy illegal goods with this, but most bitcoin users are people who want to buy legal items and services, but do not want to disclose their identity. Porn and gaming websites may be moral, but they are not illegal; so people who want to subscribe to these services can safely pay in bitcoin on websites that support this currency, knowing that their reputation will not be harmed.
3. Lower commissions
The average commission is 0.002 BTC per transaction. It is quite lower compared to PayPal or bank commissions. Plus, you’re not even forced to pay. By paying a commission, you “save” the computing power of a pool (or at least part of it) to process your transaction faster. You also have the option of not paying the commission. In this case, you may have to wait two or three days to process the transaction. If you’re not in a hurry, it can be the perfect opportunity to make money operations with zero costs.
Of course, there are also disadvantages to using bitcoins, such as the possibility of losing them. If someone steals your bitcoins or deletes your wallet files, it is impossible to recover them. As long as bitcoin is not regulated, there is no central body between the divergent sections for arbitration. In other words, you can’t complain if you lose or if your bitcoins are stolen from you, just because there is no one to complain to.