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Benefits and Advantages

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

Abstract

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.

Suggested Citation

  • P. Carl Mullan, 2014. "Benefits and Advantages," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 16, pages 111-114, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_17
    DOI: 10.1057/9781137382559_17
    as

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