Benefits of Bitcoin
Bitcoin has numerous benefits and advantages over using localized currency; we will discuss some of the biggest advantages.
Quick and Cheap Transactions
When making a Bitcoin transfer the fees are extremely low compared to conventional methods of moving money. A normal Bitcoin fee is 0.0005 BTC per transfer (0.2 THB, less than a 25 satang coin), whereas with a typically international wire transfer you could expect to pay 700THB-1300THB per transaction. Accepting credit cards will generally cost 3-5% of the transfer amount, which again is much more expensive than a Bitcoin transaction.
International wire transfers can take from a few days to more than a week, whereas Bitcoin transactions are generally confirmed with an hour.
As existing merchants will be well aware, when accepting credit card payments, or even bank payments the sender has the ability to reverse or “chargeback” the payment. There is nothing worse than sending products to a customer, only to receive a message that the payment has been reversed, you have been cheated and there is nothing you can do about it.
Bitcoin is the only payment method that is 100% irreversible and cannot be charged back. For this reason you should be careful when sending Bitcoins; be sure that you are sending them to a trusted vendor.
Anyone, from any country, of any age can accept Bitcoins within minutes. There is no ID card, passport or proof of address that all conventional banks required to open an account. All you need to do to start sending and receiving Bitcoins is to download a Bitcoin Wallet program and generate a Bitcoin Address.
You could have 1000s of different addresses if you wanted, there is no limit to the number of Bitcoin Addresses that you can have.
As you can see from the Bitcoin exchange value graph shown on our homepage, the value of Bitcoins were initially highly volatile during the first few years of it’s inception, however during the last 6 months the currency has stabilized and has been steadily increasing in value on a daily basis.