Bitcoins seem to be the hot topic today. They provide anyone with the opportunity to make a transaction from anywhere in the world without involving a bank. Many law enforcement agencies contend that this makes it easy for people who want to break the law to do so without any oversight. While there is a potential for abuse, as is the case with any sort of financial transaction, there are some compelling reasons that many people choose Bitcoins for their financial dealings.
No Bank Dealings
One of the most common reasons that people choose Bitcoins is because they don’t have to deal with a traditional bank. Banks have a great deal of oversight, which costs money. This means that they have to charge fees to their customers whenever they make certain transactions. Bitcoin eliminates this need and allows someone to make a purchase without a middleman.
In the grand scheme of things, this can expedite large transactions. Many banks will hold over transactions for a certain amount of time to verify certain information. If someone needs to move the money fast, for example for a last minute real estate deal, working with a bank can mess things up.
Crosses International Lines
Another way that Bitcoin is beneficial is that it is the same no matter where someone wants to use it. There are no currency exchange fees to deal with which, again, eliminates dealings with a bank. There is also no devaluing of money. Something that is 8,000 Bitcoins in France is 8,000 Bitcoins in the US. The end result is lower out of pocket costs for whatever is being purchased.
Some people simply don’t like the idea of the government to be able to track their big purchases by watching the banks. Using Bitcoin eliminates this issue and protects a buyer or sellers right to privacy.
Bitcoins are an interesting topic and not everyone fully understands what they are or what value they hold. If you’re interested in this topic, but you want to learn more about it before you decide if Bitcoins are right for you, then click to read more. You’ll learn what they are and how you can get your own Bitcoins to either hold on to as their value increases or to use as you see fit.