Transactions happen instantaneously, and then take around 10 minutes to be confirmed by the blockchain. This is far faster than other forms of payment, like a wire transfer or an automated clearing house transfer.
99designs, for example, allows designers to withdraw their funds using services like Payoneer and PayPal. These sites have a 24-48 hour turnaround at best, and payments are processed on business days only.
Bitcoin transaction fees are far cheaper than those of traditional forms of payment.
For the average user, a credit card fee will end up costing 3.15% + $0.22 per transaction.
As a comparison, it currently costs roughly $0.04 to broadcast a transaction on the Bitcoin network.
The total number of bitcoins are capped at 21 million. Unlike fiat currencies like the U.S. dollar, the value of a bitcoin isn't subject to the inflationary whims of a central bank.
Bitcoin users do not need bank accounts, allowing members of the network to transact with the ~2 billion adults who lack basic financial services. As smartphone ownership in developing nations explodes, bitcoin is a cheaper alternative to traditional transfer companies like Western Union.