The Following is a list of the best Bitcoin Advantages:

  • No Third-Party Seizure

    • As long as you keep your Bitcoin on your wallet, no one can seize your coins. The most someone can do, is force a user to send the coins to them. Unlike a bank account, governments cannot freeze your Bitcoin wallet. You are free to use your wallet at any time, for anything.
  • No Taxes

    • Even though all Bitcoin transactions are publicly advertised, there is no way for a third party to connect you as an individual with your wallet. Therefore, there is no viable way to track your earnings. The only way to pay taxes is to do that voluntarily.
  • No Tracking

    • A Bitcoin wallet cannot be traced to its owner, therefore both the sender and receiver of a Bitcoin transaction are remaining unknown. This gives great privacy over other forms of payment.
  • No Transaction Costs

    • The whole network is full of users helping to make transaction as good as free. To make a transaction, a blockchain must be created. The generation of the blockchain generates “new” Bitcoins, therefore no one is paying for the transactions. When the Bitcoin limit will be reached (in the year of 2140), the payer will pay a small constant fee for transactions.
  • Funds go one way

    • In any normal bank transaction, the sender can try and interrupt the transfer by making a chargeback. The direction of a transaction in Bitcoin is one way only and no “Charge-backs” can be done.
  • Funds go Fast

    • Any Bitcoin transaction goes from sender to receiver in 10 minutes. For a transaction to be fully confirmed you need to wait an hour, but it is still the fastest way available today.
  • Untouchable

    • Bitcoin can not be stolen, it can only be transferred from your account to another. As long as you keep your wallet private key hidden, only you should be the person who can do that.

To summarize, if someone will ever offer you to pay with Bitcoin for a service you supply (even a job) or a product you sell, you should take the opportunity. You will save money on transaction costs and taxes and also receive the payment fast.

For some more information about advantages: Standord Uni, or for Bitcoin disadvantages click here.

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