You might have heard about bitcoin from a friend or a colleague. However, when it comes to transactions, are you still in two minds? Should you trade local currency with bitcoin? These are some questions that most people ponder upon when it comes to the payment of bitcoin for their transactions. However, people are using the bitcoin wallet android apps across the world and they are really happy when it comes to using this digital currency for their payment needs. If you look at them, you do feel encouraged to start joining the bitcoin payment bandwagon however before you get started you must understand the reasons as to why you should opt for bitcoin over local currencies?
Understanding bitcoin better
Bitcoin has not been around for too long and still many people cannot understand what it is and how it is convenient for them to use. Education and awareness on bitcoin is still being spread and people are now taking note of this digital currency.
When it comes to making payments with bitcoin, many people are happy because the fees for the transfer are very low. If you make a credit card payment, you will find that you need to pay at least 3% to 5% as a transfer amount. If you compare this rate to the fee charged by bitcoin, you will find it is very less and this is why people are opting for bitcoin payments more and more.
When it comes to bitcoin payments, you cannot reverse the payment that is once paid out. Most vendors and shopkeepers report that people often reverse the credit card payment they have made after the products have been sent to them. They are cheated and they cannot do anything about it at all. However, once you make a payment from bitcoin wallet android apps you cannot reverse the amount paid at all. This ensures the payment is done and there is no element of fraud involved.
Why is bitcoin growing in popularity today?
Bitcoin also has another advantage and that is people from any nation can accept bitcoins in minutes. Here, you do not need an ID card or an address proof. Conventional banks will ask for the above documents when you approach them to open an account. In order to start transferring and receiving bitcoins, you should start to use a Bitcoin wallet and create a bitcoin address. Here again, there is another point for you to note. You can generate as many addresses as you wish to however there is no limit to the number of bitcoin addresses you may have in your name.
Many people are today using bitcoin wallet android apps. The number is increasing day by day. When bitcoin was first introduced, there was a lot of volatility in the market however with the passage of time, this digital currency has stabilized to a large extent and more and more people are slowly switching their local currency to make bitcoin payments via these convenient wallets on their Android apps.