Bitcoin is one of the cryptocurrencies that is used instead of cash for online transactions. It is not handled by any bank or central government, but by blockchain technology. Bitcoin transactions help in avoiding bank queues because everything is handled online. All you have to do is create a Bitcoin account and link your debit or credit card to it.
The main motive of creating this channel was to use virtual payments online which can be quick and easy. This helps in avoiding traditional banking procedures. The BTC channel has now become the talk of the town. Forbes declared Bitcoin to be the superior investment in 2013, but in 2014, Bloomberg announced it to be the worst investment. However, the same Bloomberg changed their views in 2015 and rated Bitcoin at the top in their currency chart.
Every year the number of BitCoin users is increasing with positivity. Cryptalker is an online site that provides with updated news, videos, guides of cryptocurrencies and its marketplace. Their team has been working for last two years in blockchain technology and digital currency to help us know understand the market well. Their updated news has helped many Bitcoin users to invest and help their friends and family to do the same.
All kinds of transaction in this online word is recorded in the ledger of blockchain system. This helps in getting information of amount of people using Bitcoin system. University of Cambridge announces in 2017, that around 5.8 million people are active users of bitcoin. Further in their study the mention that there are 150 cryptocurrency firms that over more than 38 countries. This means the online transactions are applicable worldwide, only the currency value changes depending upon the country.
However, there are still some people who don’t use bitcoins and here is the reason why –
- Not all cities accept Bitcoin currency, because there are other cryptocurrencies that are being used there. Therefore, it is wise to contact the business to find it.
- The transaction timing is slower for smaller amount and therefore, most restaurants or stores don’t accept it. Moreover, if the amount is minimal, then the transaction fee is also less.
- Because the technology is new and process is slow so it cannot be used in daily purchases or let’s say people avoid using it in daily shopping like groceries. If you’re doing a big investment or online purchase probably then using Bitcoin is better.
- Any fraudulent activity or mistake in payment on your credit card can be reversed by the bank or third party, but in Bitcoin, it cannot be refunded or reversed.
- Instead of using a high technology, most people prefer swiping their card, which is quick and hassle-free.
Data or survey says that males are more interested in cryptocurrency than females. Also, youngsters are more likely to use Bitcoin because they are tech-savvy and love using smart technology than those who are in their adulthood. Bitcoin is not only for youngsters, but cashless transactions are considered safer as it saves the hassle of carrying cash everywhere.