Why should I use Bitcoins?

This content is taken from Zebpay Support as it is Worth Reading

Bitcoin is a relatively new form of currency that is just beginning to hit the mainstream, but many people still don’t understand why they should make the effort to use it.

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It’s fast

Paying by cheque, international money transfers and other traditional forms of payments takes a long time, generally a couple of days.

Credit cards are instant to pay. But it takes longer for the merchant to receive the money in his account.

With bitcoins, transactions are almost instantaneous. Bitcoin is the fastest way to transfer money.

It’s cheap

For all existing forms of payment, you have to pay a fee to the bank, credit card company or the payment processing company.

With bitcoins, the transaction fee is minimal and cheaper than all traditional payment systems. For micropayments, bitcoin is the first feasible payment system.

No central control

Bitcoin is decentralised. No central authority has control over it. So no one authority can devalue it.

There are no chargebacks

For merchants using credit cards, especially for merchants selling digital goods, chargeback is a substantial risk.

Bitcoin transaction once done, cannot be reversed. This avoids chargeback frauds.

People can’t steal your information from merchants

You must have heard that your personal information has been stolen from large retailers and companies. This is because when you pay by credit card, the merchant has all your personal information.

Bitcoin transactions are like cash. You can send bitcoins without giving your personal information.

It isn’t inflationary

Your local currency is issued by your country’s central bank. Normally they print more money than they earn which is why your money loses value and things become more expensive over time. Your currency is inflationary.

Bitcoin’s generation mimics precious metals like gold. It gets more expensive to generate bitcoins with time just like gold. Bitcoins supply will always be fixed and limited.

As more and more people adopt bitcoins, its value will go up and the price of things in bitcoins will go down.

It’s as private as you want it to be

Bitcoin is like cash. It’s private, just like the way payments should be.

On the other hand, the bitcoin ledger is transparent. Everyone can see the transactions happening in the bitcoin network. However, the transactions cannot be directly linked to a person or a company.

You don’t need to trust anyone else

In traditional payment systems, you have to trust a central authority like a bank or a company.

With bitcoins, you or the recipient do not need to trust anyone for the transaction. When a transaction is done, computers all over the world verify the transaction within a short time.

You own it

With traditional money, you never own the money. It’s either owned by the bank or by the payment processing company. If they decide to freeze your accounts, you cannot do much.

You have control over your bitcoins. You own your bitcoins.

It’s cool

Why do you use Instagram 🙂 ?

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Bitcoin Hardware Wallets: A quick look

A hardware wallet is a special type of Bitcoin wallet which stores the user’s private keys in a secure hardware device. They have major advantages over standard software Wallets. Private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plain text.

Some common hardware wallets are

1. Ledger Nano S

The Ledger Nano S has a sleek design, intuitive user interface, a wide support of altcoins (Ethereum, Litecoin, Dogecoin, Zcash, Dash, Stratis) and most importantly an attractive price tag.

Cheapest of the Ledger is Ledger HW.1 available on Amazon India.

3.Trezor

This is the oldest hardware wallet on the market and probably the most reputable one as well. Trezor has a nice design, a very easy to understand user interface, and it supports Zcash, Dash and Ethereum aside from Bitcoin (ETH is supported through an external wallet called MyEtherWallet).

4. KeepKey

A Bitcoin hardware wallet with a beautiful though somewhat large design. KeepKeyhas similar features to TREZOR and the Ledger Nano S, however there are a few reasons that make it a bit less attractive in my opinion.

CoinSecure: An Introduction

 Coinsecure

Coinsecure is an Indian Bitcoin exchange and trading platform. It offers very low fees at just 0.3% per buy and a number of deposit options; including NEFT, RTGS, IMPS and cash deposit.

Coinsecure, established in June 2013, has received two rounds of funding – a $300,000 seed round in July 2014 and a $1.2 million Series A in January 2016. It is one of the most active startups in forging a partnership with international Bitcoin companies. Some notable international partnerships that Coinsecure has forged are with Purse.io, Bitpay, and OKLink.

Pros
  • Regulated Bitcoin exchange based in India
  • Very low fees
  • Video service guides available
Cons
  • Offers a Bitcoin wallet that should not be used to store bitcoins
  • Requires ID verification; not private
  • Interface is geared for traders and may be confusing for first-time buyers

 


Note: If you haven’t created an account on Zebpay or Unocoin or CoinSecure, you can grab the following referral code

Referral Code of Zebpay: REF06568678

Referral Code of Unocoin: U213061

Coupon Code of Unocoin: TTA200

Referral Code of CoinSecure: A67aTLwo7PNiLBysAU9h


What is my bitcoin address?

A Bitcoin address is a unique number that “stores” the bitcoins. Bitcoin addresses are used to send and receive bitcoins just like e-mail addresses are used to send and receive emails.

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Each user can have many different bitcoin addresses. It is advisable to create a new address for receiving bitcoins each time to enhance the privacy of your transaction history.

CoinMama: Buy Bitcoins with Credit Card
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LocalBitcoins.com : An Introduction

Local Bitcoins

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LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for the purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.

Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.

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If you are interested in buying bitcoin from another user instead of going through a centralised exchange, you should consider using a marketplace like LocalBitcoins. A marketplace is useful for people who would not like to go through much KYC (Know-Your-Customer) identity verification. Marketplaces are usually riskier so be careful and only trade with those with good reviews. LocalBitcoins offer some basic protection with an escrow function.

Pros

Can be private, fast and easy
In-person trades require no personal information
Purchases of bitcoin can be made quickly via cash deposit
Cons

Beware of scams; always follow the rules!
Harder to buy large amounts of bitcoins compared to large exchanges
Slightly to significantly higher prices than regular exchanges; premium for higher privacy

 


Note: If you haven’t created an account on Zebpay or Unocoin or CoinSecure, you can grab the following referral code

Referral Code of Zebpay: REF06568678

Referral Code of Unocoin: U213061

Coupon Code of Unocoin: TTA200

Referral Code of CoinSecure: A67aTLwo7PNiLBysAU9h


CoinMama: An Introduction

Coinmama

CoinMama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge an ~8% fee on each purchase.

If buying less than $150 worth of bitcoins, you won’t need to verify your identity. This convenience makes small purchases quick and easy.

Pros

  • Works in almost all countries
  • Highest limits for buying bitcoins with a credit card
  • Reliable and trusted broker

Cons

  • Some of the highest fees among credit/debit card bitcoin brokers

There are much more wallets like ShapeShift, bitcoin-otc, purse.io, CoinSecure, etc. Above four wallets are most popular and those which I personally use.

 


Note: If you haven’t created an account on Zebpay or Unocoin or CoinSecure, you can grab the following referral code

Referral Code of Zebpay: REF06568678

Referral Code of Unocoin: U213061

Coupon Code of Unocoin: TTA200

Referral Code of CoinSecure: A67aTLwo7PNiLBysAU9h