While, there would hardly be anyone not having heard of the term ‘Bitcoin’ at some point of the time or other, most of them remain unaware as to what ‘Bitcoin’ is all about and how it functions. For information of such people, Bitcoin is nothing but a form of digital currency system or virtual currency, allowing people to conduct online transactions through digital exchange unit also known as Bitcoins. If you want to know more, take help of good Bitcoin news sites online.
Created in 2009 by an unnamed and unidentified programmer, Bitcoin has garnered huge popularity all over the globe, ever since. However, Bitcoin does not remain untouched by controversies as, it is opposed for taking over as an alternative currency in comparison to Euros, dollars, silver and gold.
Carrying out transactions and processing payments in Bitcoin is done by privately owned network of computers which are connected to a shared program. National money currency is made use of while purchasing Bitcoins and the process of doing so is very much complicated. To know the Latest Cryptocurrency Market Update you will have to choose a reputed site.
But, all said and done, Bitcoin as the new form of virtual currency offers a few distinctive advantages, some of which are as follows:
Tax Free
While purchasing dollars, Euros or any other currency for that matter, one needs to pay an additional sum over and above the equivalent amount of currency, as a part of tax to the government. However, Bitcoin does away with the sales tax amount in a legal manner, which comes as an added advantage to the buyers. Thanks to the zero tax rates, purchasing through Bitcoin is beneficial, especially luxury items which carry heavy taxes.
Flexibility in Payments
Being an online payment system, Bitcoin users have the benefit of making payments from any parts of the world they are located in. Bitcoins saves people from the troubles of having to go to the bank and getting their work done. Transacting business via Bitcoins can be done from the comfort of one’s home. Also, as compared to online banking or credit card transactions, there is no risk of your personal data or information being invaded in Bitcoin. Stay abreast with facts about Bitcoin technology for easy trading.
Nominal Transaction Fees
As, transactions on Bitcoin are not bound or monitored by any government agencies or intermediary institutions, online users are not required to pay heavy charges of fees which are otherwise seen in standard wire transfers and international purchases. Transaction fees in Bitcoin are low and nominal.
Identity of users remain protected
As, all transactions conducted via Bitcoin are totally discreet and private, it allows the users identity to remain concealed. Transactions made on Bitcoin by using digital currency are similar to that of using cash and hence they cannot be tracked back to the users. In fact, different addresses of the users are created for every different transaction. However, users have the option of voluntarily disclosing their identities if they so wish to do.
Protected from external interventions
One of the major and biggest advantages in Bitcoin is, eliminating third party interventions. No bank, financial institution of government agency is in a position to either disrupt or freeze the user’s Bitcoin transaction or account.
For more Info:- South Korean Cryptocurrency Exchange News