he most common point with both credit card and bit coin use is both are used at emergency purposes today. Yes it is happening too. Actually credit cards do maintain some significant balance to purchase it and then use it till the balance expires. For example, if you use some amount of money from credit card, you have to pay it in the following month like that. But when comes to bit coin, you can generate free bit coins from your own pc by installing effective mining software. As cloud mining system is utilized for generating bit coins. So, you can solely generate it and sell it when the bitcoin price in the market attracts you. Even you can also exchange your earned bit coins into cash to use during your emergency times. Of course, smart cards like credit cards and bit coins account do have its own essentialities. Most of the people do use both these in their transactional processes.
Let’s see what shows the major differences in between bit coins and credit card transactions:
- It is a known reason that bit coins do exchange from one person to other without the involvement of any kind of financial organization. But credit cards do have their respective bank t &c should be acceptable by the individual. Then only he will be permitted to access the transactions.
- Of course, the usage of bit coins is not possible in many aspects like shopping and all. But it can be used by startup entrepreneurs with their clients where they know that the bitcoin price is keep on growing according to reports. Professionally credit cards are also widely used but currently bit coins have replaced the smart card payment method. Majorly, you can see bit coins are evenly used by businessmen from many companies, self employed online business entrepreneurs today compared to credit card use.
- Credit card charges some kind of transaction fees but bit coins don’t charge any fees for performing transactions. Bit coins are stored on the respective electronic wallets.
Conclusion: Hence bit coins are an asset in terms of payments and transactions to many individuals now. Especially its quick accessibility nature in issuing and accepting payments, no other bank involvement is found and also no need to wait for the transaction approval over here like you see it in credit cards transactional payments.