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Published in:
2014 | OriginalPaper | Chapter
Benefits and Advantages
Author : P. Carl Mullan
Published in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations
Publisher: Palgrave Macmillan US
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Private digital currency, which circulates outside of conventional bank systems, has the benefit of lower transaction costs and fees. The ability to send unrestricted payments and capital flows anywhere in the world at any time with no restrictions should always be the number one reason for using Bitcoin. Bitcoin peer-to-peer transfer process is absent of any middleman and third-party risk. There is no single point of compromise in the hardware or software that could cause the system to be vulnerable to failure, seizure, or closure. No personal information is exchanged and there is no ID theft or card fraud possible in the Bitcoin network. No requirement for PCI compliance.