Post
Topic
Board Bitcoin Discussion
Re: Why even use BitCoins? (read the post!)
by
saturn643
on 21/12/2015, 03:47:53 UTC
Bitcoin is secure, much more so than credit/debit cards. You are much more likely to get your credit card information stolen than you are to get Bitcoin stolen. With Bitcoin, there is no need to reveal your name or address. You don't reveal a credit card number so thieves can't steal your credit card and make your credit score tank. Credit card fraud is a huge problem and Bitcoin completely removes that.

Another thing, Bitcoin does provide a layer of anonymity. It is pseudonymous, so while yes people can trace your transactions, they don't actually know who you are. They don't have an identity associated with the address unless you choose to reveal it. There is no name or physical address to steal. Along with that, you can't get your identity stolen like you can with credit/debit cards.

Bitcoin is also a lot more convenient than credit cards or debit cards, especially to those who can't get those cards. If you have bad credit then you can't get a credit card. Bitcoin gets around that, it is like a debit card, but it doesn't have the problem that debit cards have, theft. Debit card numbers are easy to steal, and that can drain your entire bank account. Bitcoin doesn't have that problem.

Payments made through credit and debit cards are not instant. They do not instantly become reversible. Those transactions are reversible up to 180 days. With Bitcoin, it becomes irreversible after 10 minutes. Even if it takes longer, those transactions are still confirmed in less than 180 days. This is better for merchants than consumers.