5 times bitcoin that you don’t know

Most people have heard of Bitcoin but have no idea what it really is. Simply defined, Bitcoin is a decentralized, peer-to-peer, digital currency system designed to enable online users to process transactions through the digital unit of the exchange known as Bitcoin. In other words, it is a virtual currency.

The Bitcoin system was created in 2009 by an unpublished programmer. Since then, Bitcoin has gained widespread attention along with controversy as an alternative to commodity currencies such as the US dollar, euro, and gold and silver.

A personal network of computers connected by a shared program is used to process Bitcoin transactions and payments. Bitcoin creation is based on increasingly complex mathematical algorithms and is purchased using standard national currencies. Bitcoin users can access their coins with their smartphones or computers.

As a new and growing virtual currency, Bitcoin has some distinct advantages over conventional government flat currencies. Here are 5 benefits that you will enjoy while using Bitcoin

1) There is no taxation

When you shop in dollars, euros or any other government flat currency, you have to pay extra to the government as tax. Each purchasing item has its own specific tax rate. However, when you are shopping with Bitcoin, sales tax is not added to your purchase. This is considered a legal form of tax evasion and is one of the major benefits of being a Bitcoin user.

With zero tax rates, Bitcoin can come in handy especially when buying exclusive luxury items for foreign lands. Such items, often not, are heavily taxed by the government.

2) Flexible online payment

Bitcoin is an online payment system and like any other system, Bitcoin users have the luxury of paying for their coins from anywhere in the world with an internet connection. This means you can lie in your bed and buy coins to get your work done instead of taking the pain of traveling to a certain bank or store.

Moreover, for an online payment via Bitcoin you do not have to fill in the details about your personal information. Therefore, bitcoin processing Bitcoin transactions are much easier than transactions performed through US bank accounts and credit cards.

3) Minimum transaction fee

Fees and exchange costs Standard Wire transfer and a portion of international purchases and parcels. Bitcoin is not monitored or controlled by any intermediary or government agency. Therefore, the transaction cost is kept very low as compared to international transactions made through conventional currency.

In addition, Bitcoin transactions are not known to be time-consuming because they do not require general approval and the complexity of the waiting period.

4) Secret user identity

All Bitcoin transactions are isolated, or in other words Bitcoin gives you the option to hide the user’s identity. Bitcoins are just like cash purchases in the sense that your transactions can never be tracked to you and these purchases are never linked to your personal identity. In fact, the bitcoin address that is created for user purchases is never the same for two different transactions.

If you wish, you have the option to voluntarily disclose and disclose your Bitcoin transactions, but in most cases users keep their identities secret.

5) No outside interference

The biggest advantage of Bitcoin is that it eliminates third party barriers. This means that the government, banks and other financial intermediaries have no authority to interrupt user transactions or freeze a bitcoin account. As mentioned earlier, Bitcoin is strictly based on a peer-to-peer system. Therefore, Bitcoin users enjoy more freedom when shopping with Bitcoin than with conventional national currencies.

Digital currencies such as Bitcoin are relatively new and have yet to be tested. As a result, many feel that there are some risks involved with using Bitcoin. Whatever the potential disadvantages of Bitcoin, it is clear that its qualities are strong enough to make it a legitimate competitor to challenge conventional currency in such a distant future.