These are the process making our payments and money safe. Bit coins are another form of traditional banks. You can convert any type of currencies into bit coins and transact. There are no intermediate involved between the bank and user. Every data and transactions are stored in ledger, which can be viewed by user through applications developed.
Benefits of bit coins;
- Lower fraudulent activities; when you use traditional bank options, they tend to pick your personal information like date of birth and mobile number. In that case you enter your password or pin number through mobile applications or website which is not safe. But bit coins do not include any website for entering your password. You are required to maintain secret key.
- Reduced transaction fees; as like your credit and debit card, there are no transaction fees included. Since there is no inflation and deflation of values so bitcoin price stays constant. There is no government act and law involved in this. There is no one to decrease and increase the purchasing power. These are most helpful for business ventures.
- Easy to use at situations; when you include international transactions there are lots of other country laws that should be followed. But when you use bit coins you should only transact money into bit coin and save them into bit coin wallet. There is no pain of contacting any other bank. Easy access of digital currencies saves your valuable time and easy way of currency conversions available.