Bitcoin (BTC) is a digital currency or cryptocurrency which is controlled by the decentralized network of users. Moreover, there are hundreds of cryptocurrencies are in active use today. By the way, Bitcoin is the most popular among the cryptocurrencies and used by most of the traders. Like traditional or fiat currencies, such as INR, USD, Bitcoin also have a value. The whole Bitcoin units can be divided into decimals. Presently, satoshi the smallest Bitcoin unit, or it can be referred to as 0.00000001 Bitcoin.
Bitcoin is one of the most popular cryptocurrency worldwide. It can also be used for purchasing goods that accept bitcoin payments. And also it can be exchanged to both the traditional as well as digital currencies, with the help of cryptocurrency exchange platforms like Koin Bazar, Binance, Paxful, etc. With the help of Bitcoin, you can use it for illegal purposes like buying illegal drugs from the dark marketplace.
There are many benefits of using bitcoins but the main advantage is that it has over traditional banks is the fact which allows international payments to go through without the worry of currency conversions.
Benefits of having a Bitcoin (BTC):
Moreover, Bitcoin has many benefits but here we going to look at the major benefits of bitcoin.
Low Transaction Fee:
The transaction fee for Bitcoin payments is very low when compared to credit and debit card payments. This should make it more advantaged for small business ventures.
No Third-Party Involvements:
The whole Bitcoin(BTC) transaction process is a peer to peer (P2P). There is no involvement of third parties. Nobody could freeze your assets.
Ecosystem is Safe:
Every Bitcoin wallet transaction is signed by the authenticated digital signature before it's sent to the blockchain. The entire process is safe for storing and exchanging your cryptocurrencies.
Zero Risk Inflation:
Using bitcoins, there is no risk of inflation. Inflation occurs when the Government proceeds more money over the year while decreasing the purchase by the people. But this system is created basically for creating the purpose of being finite. Without the chances of providing more currency, the inflation threat comes down to zero. This is a benefit for both the buyer and the seller.
Wrapping Up:
Being an emerging and innovative technology, we will say that Bitcoin has the potential of changing the economy as we know it before. Thus, we can conclude that the adoption of this technology for a minimal cost is the best one for the businesses and buyers.
So, Are you planning to buy bitcoin in India from the best cryptocurrency exchange platform? Visit Koinbazar and complete the basic procedures.
I am Anika Simone, Working as a Technical Content Writer having more than 3 years of experience. My Interests are blogging, traveling, and photography.