Relatively, Bitcoin is a new type of currency that has presently hit the mainstream, less to the understanding of many people and why they should make every effort to make use of it. It is time that every person seeks to know candidly what Bitcoin and virtual money is all about and why it matters most, and why it the real deal and way to go in the present world that has lots of technology as a prerequisite to many operations. This paper aims at identifying the reasons as to why Bitcoin is a better choice to make and adopt against the many criticisms and negative allegations that many make (Finch, 2017).

Who does not like speed especially when it comes to money transfers and transactions? Generally, when one goes to their bank to deposit a cheque most probably from another bank, the bank will definitely hold the cheque-cash for some days for it less trusts that the funds are surely available. Comparatively, international wire-money transfers can take much time and delay important and urgent transactions. However, with Bitcoin, transactions are fast and struggles with transactional and money-transfer speeds are made history for Bitcoin can allow instantaneous transactions for zero-confirmation transactions or transaction may take less than ten minutes if they are to be confirmed, which highly faster than any bank-bank transfer or transaction (Antonopoulos, 2014).

Cost-effectiveness and quality is an aspect that every person will look for specifically when it comes to many matters. As much as many may argue out that even the credit card transactions can be instantaneous and fast too, some merchants basically charge some fee for such transactions and one has to pay for such a privilege or service or swiping. Bitcoin offers a cut above the rest with minimal or at times no fees (Stevenson, 2013).

With the Bitcoin, risks like the  one observed in march 2013 in Cyprus in which the central bank had intended to take back all uninsured deposits exceeding one hundred thousand dollars to aid recapitalizing itself thus causing goose bumps and unrest are well taken a boot. With Bitcoin in place, central governments can’t dare take away any customer deposits that eat directly into family savings for the currency is much decentralized and the customer owns it with no control whatsoever from the central government authority, and the bank can’t take it away from the customers. Bitcoin is the real solution to the unravelling trust on tradition banking systems (Finch, 2017).

With Bitcoin, there are hardly any chargebacks for once the bitcoins are sent, they are just gone for once and for good. Once a bitcoins sender makes the transaction, they can’t pull back any malice or mischief without the recipient knowing to make some authorization of any retrieval or pull back. This potentially corners out any manner of fraud that is often witnessed with credit cards in which people make transactions and then immediately contact the credit card company for a chargeback, ending up fraudently reversing the transaction (Antonopoulos, 2014).

In most purchases that are made online through credit cards presently, the online forms need one to feed their private credit card information. This makes it available for theft for one possessing the credit card details is like possessing the credit card. With the Bitcoin, it is hard for fraudsters and online hackers to steal one’s payment and transaction private and confidential information from the merchants. Think of virtual and online business security, think of the bitcoins. Bitcoin transactions need not disclosure of private and confidential information but just use the public and private keys for transactions. Transaction a signed by a combination of the two keys but not by giving up secret information which has seen credit cards vulnerable to theft. As much as one does not disclose the private key, Bitcoin transaction are the safest (Stevenson, 2013).

Bitcoin unlike regularly and normal fiat currency which the authorities can print as much as they like, is free from inflation. With the national debt growing and economic sputter, the government prints and tales new money leading to inflation courtesy of quantitative easing hence causing a decrease in currency value. This is hardly witnessed with bitcoins. In the real sense, deflation is very possible in a Bitcoin nation. In addition, Bitcoin is as private as one would want it to be.  With it being the best of a private currency, it is also very transparent courtesy of the blockchain for transaction can easily be traced to their origin and their destination (Finch, 2017).

The headache of putting your trust on anyone else is history with Bitcoin currency unlike conventional banking where you have to risk putting your trust on some people to safely handle your money all along the transactional ways. Since the Bitcoin currency is entirely decentralized, there is no need to risk your trust on someone else unlike the convectional banking merchants who ask for sensitive private information to handle your money. Bitcoin merchants don’t need any private and sensitive information about you for them to carry out any transaction or handle your money and/or transaction.  Bitcoin transactions are digitally signed and so very secure (Antonopoulos, 2014).

Bitcoin accounts are fully solely owned. They are not shared just like other convectional accounts which can be frozen easily by the parent companies that run them. An owner of a Bitcoin account owns it all and boasts full mandate and control of the account, without whose permission nobody else can temper with the account. The Bitcoin owner who owns the private key to the account is the only person who can initiate and permit any transaction related to that account. Making your own money with the bitcoins is easy, permitted and encouraged. One can certainly purchase bitcoins in any open market and one can also mine their own money if they have sufficient computer and technological ,power. It is therefore easy to make your own money after making the initial mines and then leaving the machine running to mine more bitcoins through the software (Stevenson, 2013).

In a nutshell, bitcoins is the better option to take and the way to go especially in a world that has become a global village. With many of the transactions which are being made online e presently, bitcoins form a formidable secure currency that is very efficient yet very effective. Bitcoins help one create their own currency mine with ease and are nearly uncompromisable for one solely owns them fully without any other external hand. They are not as risky, yet very cheap, as the convectional accounts for one has nobody else to trust but themselves only.  As much as they may be purported to affect economy, the advantages there in bitcoins cannot be assumed and outweighs any demerits that may ever come up against bit (Finch, 2017).