Benefits of Using Bitcoin

What are some benefits of bitcoin?

  • Nearly instant transfers worldwide
  • Free or very low cost transfers worldwide
  • As of December 2013, bitcoin is accepted at over 15,000 businesses (see https://bitpay.com).
  • Ability to protect yourself from government seizures of your money as happened in Europe in the Spring of 2013.  (Cyprus bank bail-in.)
  • When the authorities in your country are trying to steal from the citizens, a safe-haven like bitcoin can provide a method of protecting yourself and your family.  (This gentleman in Europe had about 700,000 Euros – $989,000 – taken from his bank account by the government there, see https://bitcointalk.org/index.php?topic=160292.0 ).

 

Some further benefits:

  • Open Source software – you are not at the mercy of anyone, the software is described and everyone can see it, making it more reliable and trustworthy.
  • Peer-to-peer – Bitcoin is not under the control of banks, governments or anyone else in the world.
  • Bitcoin alone does not provide anonymity, but can be used to provide privacy.