Agam Berry Uses Bitcoin: Why Don’t You?

Agam Berry Uses Bitcoin: Why Don’t You?

Apr 29

Bitcoin is a new type of currency that is slowly being accepted by the mainstream. There are still many people who don’t know what it is and why they need to use it. Agam Berry gives us the reasons why we should use this virtual currency.

Fast Transactions

Bitcoin transactions are faster than regular bank transactions, according to Agam Berry. When dealing with a bank, they hold the money for several days because they have to ensure that funds are available. The same is true with wire transfers. Bitcoin transactions are almost instant if they are zero confirmation transactions. For transactions with confirmation, the longest will take ten minutes.

Low Transaction Fees

Transactions made with Bitcoins have minimal to zero fees. Merchants that accept credit card transactions often have to pay for the privilege to do so. Even debit card transactions have swipe fees. You don’t have to worry about high fees when using Bitcoins. Agam Berry said people have turned to Bitcoins for this reason.

Not Controlled By Any Central Bank

Bitcoin is a decentralized currency. It is not in the direct control of any central bank across the globe. That means they can’t take away your Bitcoins anytime they want. Agam Berry recommends using Bitcoin to people who don’t trust traditional banks. A lot of them have already found the digital currency to be a good alternative.

No Chargebacks

Bitcoins are gone as soon as you send it to other people, according to Agam Berry. Credit card frauds usually reverse a transaction after they make a transaction to get a chargeback. That is impossible with the use of Bitcoins.

Personal Data are Safe

Using credit cards to make transactions online is insecure, even with all the modern security in place to keep the data away from unscrupulous people. Credit card numbers are stolen because of the web forms stored in databases across the globe. Information such as the credit card number, CSV number and expiry dates are all there. Bitcoin transactions don’t need parties to exchange private data. A person just needs the public key to do transactions. Agam Berry likes this about Bitcoins. Privacy is kept while transacting with different people online.

Not Affected by Inflation

One of the problems of traditional currencies is that governments can make as much as they can at any given time. That contributes to the inflation rate of the economy. The United States is guilty with this one. It created money in order to help the economy through the Feds’ quantitative easing that led to the drop of the dollar. Agam Berry said Bitcoin has its limits. Only 21 million can be made under the protocol. Once the number is reached, no new Bitcoin can be made.