by Many businesses and people are becoming friendly towards the crypto payments as well as see huge benefits of this network. Thus, you can spend & transfer your Bitcoins at many different ways – and eating at the local pizzeria, purchasing from the reputable stores online, paying your bill online and your taxes. One more way that will highlight its ease of use will be p2p transfers that take place. One doesn’t have to manually input the lengthy 32digit wallet address & use this to transfer the money.
Instead, the Bitcoin wallet includes the feature that allows the users to scan the QR code that is been linked with the public address, to make the transfer.
No third parties involved
From all given benefits of Bitcoin, probably it is one very important one & only one, which sets this apart from its competitors. Bitcoin has got no central authority. It isn’t controlled and influenced by banking system, government or other financial institution.
- As no financial institution controls Bitcoin, it’s totally free of national monetary policies.
- If bank faces foreclosure and bankruptcy, funds of the customers can be affected. On the other hand, decentralized currency doesn’t pose any risks of such nature.
- For the countries with very high inflation on national currency, decentralized nature of the Bitcoin will serve as the way of preserving their financial value. People can just exchange the FIAT issued currencies over Bitcoin and store this safely in the digital wallet.