Over the last few years, there have been some serious data breaches happening to well-known companies such as target. The cybercriminals who committed these breaches stole personal information about the customers of these companies. They then sell this information on the black market.

 

With Bitcoin and the underlying blockchain technology, you can make financial transactions without the need to provide sensitive financial information. The decentralized ledger in Bitcoin is extremely secure and virtually impossible to hack. There is no exposure to Bitcoin wallets when making financial transactions.

 

Transactions are Cheaper

 

To send money to another person using your bank will often cost you quite a bit in transaction fees. These rise considerably if you need to send money to someone in another country.

 

International payments also take time as well and it is not uncommon to have to wait a few days for a transaction to clear. There are very small fees involved with Bitcoin transactions and it is a lot faster to make a transaction to another country.

 

You can Hide with Bitcoin

 

This is not a good thing but it is another reason for the popularity of Bitcoin. Some people use it to make illegal transactions on the Dark Web. We are not condoning this in any way but it is no surprise that Bitcoin is popular because of this.

 

Bitcoin is Reasonably Stable

 

While there is a degree of volatility with Bitcoin it is actually more stable than some fiat currencies. There is a limited amount of Bitcoins so you can’t create more to cause inflationary problems.