You’ve probably heard about bitcoin by now. Introduced in 2008, the cryptocurrency has gained popularity due to its convenient and safe nature. But what exactly makes bitcoin convenient and safe? What can bitcoin actually offer you? Here is a list of the advantages of Lunarbets’ favorite cryptocurrency.
1. Safe and Hassle-free Online Payments
You can make bitcoin transactions wherever you are and whenever you want as long as you have internet access. This means you can send or receive bitcoins without thinking about holidays or bank schedules. Although this feature is not new especially today when you can do virtually anything on the internet, transactions made by bitcoin do not require personal information unlike those made with credit or debit cards.
2. Hard to Steal
Your bitcoins can only be stolen if someone else gain physical access to your personal computer or phone. However, bitcoin technology offers a number of options to maximize security.
- Wallet Encryption
Encrypting your wallet adds additional security (password) especially if your phone gets stolen.
- Multi-Signature Feature
Bitcoin has a multi-signature feature that requires several approvals before making a transaction. This is usually used by organizations to ensure safety and security.
- Irreversible Transactions
Bitcoin transactions cannot be reversed and do not require any personal information. This means that frauds are less likely to happen. However, this also means that you have the responsibility of doing business with organizations or individual you trust. You also need to double check the wallet address you input to avoid mistakes.
3. Cheap Transactions
Due to bitcoin’s decentralized nature, transactions in bitcoins are cheaper than bank transfers and credit card or PayPal transactions.
What do you think of these features? Did we miss anything? Do you have any questions or thoughts? Tell us by posting a comment below!