BITCOIN
Bitcoin is a Crypto-Currency and a digital payment system invented under the name Satoshi Nakamoto, It was released as open source software in 2009.

In 2014 in UK, 460 million cheques were cleared in a year, which means 1.8 million cheques are written per day.

Today we have different payment modes such as cheques or credit or debit card transactions or electronic payments, but these have there own drawbacks. The major issues are

Time
Fees
Risk
Lets compare these 3 traditional payment system with Bitcoin

1. LESS DELAYED TIME
Depositing a cheque and getting it cleared is a lengthy process. UK issued and processed cheques undergoes 2-4-6 clearance system. The timeline is as follows:

1st - Day, Cheque is deposited in a Bank prior to its cut-off time
2nd - Day, Bank charges interest on amount deposited or offsets an overdrawn amount
4th - Day, amount is available for withdraw(only current account)
6th - Day, Final clearance is given, if the cheque bounces amount rendered is unavailable.

Where as card payments are lot quicker but there is processing time involved, while making a payment it says the transaction is successfully, but it reflects in the payee's account after the business hours.

Mean while, on the other hand bitcoin transfers are instantaneous, within 10 minutes confirmation takes place which means bitcoin is transferred and available for spending.

2. LESS PROCESSING FEE
Several intermediaries are involved in traditional payment system. Fund and authorisation from middle men to next level includes it's own processing fee. Fee varies on the payment method used. In case of card payments the transaction fee is 2-5%(or more).

In case of Bitcoins there are no transactions charges, if processing fee is charged it is very nominal.

3. LESS RECIPIENT'S RISK
Different level of risk involved in different payment methods. In case of cheque payment there is already a delay of 6 days and if you have drawn fund against it, then you are left with the a burden of spending without earning.

In case of credit card payments there are chances of theft and fraud which leads to charges and concern. Fight against these charges are time and money consuming. In these cases a payee simply accepts all the charges which results in a loss.

Now, the transaction done with bitcoins are irreversible which eliminates double spending. Once [url="https://www.bitssa.com"]bitcoin[/url] enters the blockchain it get transferred to new wallet, here new owner may initiate further transactions. This results in reduction of risk for recipients.

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