How and Where Can You Use Bitcoins and Other Forms of Cryptocurrency? - The Smiling Heart

How and Where Can You Use Bitcoins and Other Forms of Cryptocurrency?

If you see something that you want to buy you can, in theory, pay for it through cryptocurrencies. However, these currencies are highly volatile, and this means lots of businesses don’t accept them yet. That said, companies like Prescott Regency, who are working hard at raising the profile of cryptocurrencies, are changing this. They want to demonstrate that Bitcoins and other forms of cryptocurrency are actually perfect for online trading. Hence, they have developed a list of reasons why.

  1. Transactions Are Fast

With cryptocurrencies, you can complete a transaction in no more than 15 minutes. Bank transfers, and particularly international ones, can take days. In fact, they are even faster than e-wallets like PayPal, as they still take several hours to deposit funds into a bank account.

  1. It’s Private

If you send someone bitcoins, the transaction will be listed in the blockchain. This is a public register that can be seen by anybody. However, the only things that are recorded are the sum, the identification number, and the date and time. This means nobody can find out where the cryptocurrency came from, or where it went. This is what makes this type of currency so attractive for many, as it means that they are not under the watchful eye of Big Brother all the time.

  1. Commissions are Smaller

On average, you pay 0.002 Bitcoins for each transaction. This is much smaller than any other banking institution. Plus, this contribution is voluntary. If you choose to pay it, your transaction will be processed instantly. If you’re happy to wait a few days, then you don’t have to pay it at all.

Clearly, bitcoins and other forms of cryptocurrency are great tools to use. That said, they also come with a few disadvantages.

Bitcoin Disadvantages

The greatest disadvantage is that you can lose your Bitcoins. You could accidentally delete them, or send them to the wrong person, and you will never be able to get them back. This is why it is so important to work with a company like Prescott Regency, so you don’t accidentally delete things.

Furthermore, Bitcoins are unregulated, which means that, if there is a dispute, there is nobody to resolve it for you. In other words, there isn’t anybody that you can go to with a complaint, and no authority to protect you if somebody does manage to rob you. Again, this is why you should work with professional companies.

Cryptocurrencies are becoming increasingly common and popular. At first, there were only Bitcoins. Today, we also have Dogecoins, Litecoins, Deycoins, and more. It is important that you take the time to understand what each of those are and what their differences are, so that you find the one that works best for you. Through organizations like Prescott Regency, you can not only learn about these currencies, you can also monitor their value and even invest in them. And, at the same time, you will help them make the world a better place by ensuring nobody has to be unbanked anymore.