If you live in Nigeria, you may have heard about Bitcoins. But what are they exactly? In order to fully understand why it is better to use Bitcoins, you need to know what they are in the first place.
Bitcoin is a kind of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. In short, Bitcoins is a digital version of money or e-payment.
Now that you know what it is, what benefits are you going to get if you choose it as a form of payment?
Faster transactions
If you’ve been a bank user for some time, you would know that banks take a long time to verify information and you’ll have to wait for days before it is approved and the same goes for sending and receiving remittances. Bitcoins on the other hand are faster and can be sent and received in a matter of minutes.
Cheaper fees
You do know that transfers come with fees but Bitcoins come with minimal fees and at some cases, they are even free. You can transfer large amounts of funds for pennies in some cases to anywhere in the World at any time.
No one can take your money from you and you are free to use your funds how you wish.
Simply because your Bitcoin is decentralized and that means you own it, not even the bank or any individual can take it away from you.
No chargebacks
If you send a bitcoin, you will need to get the recipient’s consent and that makes it hard for fraudulent transactions to take place. Patterns like: purchase and contacting credit card companies for chargebacks is a thing of the past for Bitcoin users.
Due to the nature of verification on the network counterfeiting cannot happen so funds are always secure, safe and cannot be falsified.
Cash Out Anywhere in the World
You can cash out or trade Bitcoin to any currency in the World it can be traded for goods or anything else as it has world value. It has a value against Naira to GBP, dollars and many more.
And most important part of all,
Privacy
No more stolen customer information when you doing cross-border shopping
You do know that most transactions online are done with the use of credit cards and that means putting in credit card information on websites these can be targeted by hackers and your personal information and credit/debit card information stolen. Another thing of the past when it comes to
Bitcoins.
Bitstake is planning to open a Bitcoin exchange in Nigeria where Nigerians can buy & sell digital currency such as Bitcoin. Sign up to try the service beta before anyone else.
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