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In this article, we will explain the some advantages of Bitcoin Aussie System to beginners in an easy-to-understand manner.
1. Direct money transfer between individuals
Virtual currency is a “direct payment”, and this is a huge advantage. It is common to use a bank transfer when buying and selling on the Internet or when sending money to children who live far away. However, there is a time lag between transfer and payment when transferring through a bank.
It is not uncommon for a cheque sent to another bank to take time for credit checks and for overseas payment to take several days. However, with Bitcoin (BTC), payments are completed surprisingly quickly.
2. The fee is extremely low
Another advantage of Bitcoin (BTC) is that the payment fee is cheap. Of course, this is not limited to Bitcoin (BTC), but to all virtual currencies.
In the case of a bank, you must always have a large amount of cash available to prepare for withdrawals from depositors. This requires a sturdy safe and a person to manage it. In order to avoid inconveniences, branch offices must be set up at various locations and ATMs must be installed to accommodate night time and holidays.
Naturally, there will be equipment costs, system maintenance costs, personnel costs, etc., and these costs will be covered by user fees. Therefore, even if you simply withdraw cash from your account, you will be charged a fee.
But this is not the case with Bitcoin (BTC), a virtual currency. Of course, it costs money to operate, but it is cheaper than a bank that handles cash. Therefore, remittance fees can be kept very low.
For example, if you compare 100,000 yen overseas, it will cost you thousands of yen, including exchange and remittance fees for banks. On the other hand, with Bitcoin (BTC), you can transfer money for only a few hundred yen with a remittance fee.
3. Use the same currency all over the world
When you go abroad, it is inconvenient if you do not have cash in your destination currency. In most cases, you will have to change to local currency and traveller’s cheques at a Japanese bank in advance, or change at a local airport. However, this exchange fee is surprisingly expensive.
For example, for US dollars, the commission at a domestic bank is 3 yen per dollar. If you exchange $ 1,000, it costs 3,000 yen just for the fee. Whether you are travelling abroad or coming back from a trip and exchanging your local currency for Japanese yen, you pay a reasonable fee.
However, if you pay with Bitcoin (BTC), there is no exchange fee and you only need a settlement fee.
4. Transaction ledger distributed and stored on the Internet
The absence of a central bank also means that the transaction information is not gathered in one place.
At banks, currency and transaction information is managed by the main store’s vault and a strictly managed main server. However, Bitcoin (BTC) is building a peer-to-peer (P2P) network in which terminals that download programmes and participate in transactions are connected individually.
Bitcoin (BTC) transaction information is recorded and shared by a vast number of PCs, smart phones, and tablets scattered throughout the world, ensuring the integrity of the information and ensuring security. The value of Bitcoin (BTC) is maintained not by the authority of the state but by the trust of users all over the world who trade according to established rules.
At restaurants and shops where you travel, shops that support Bitcoin (BTC) payments will display a QR code for payment on tablets. Just by reading and sending the code with your smart phone app, you can pay in the same way as paying with cash out of your wallet.
The number of stores that accept Bitcoin (BTC) payments is increasing year by year, especially in the American and European cities. For stores, Bitcoin (BTC) payments are more advantageous than credit cards that have to pay a few percent of the fees, and this is one of the reasons why they are popular.