What You Need to Know About Bitcoin
So many people today are talking about cryptocurrency. If you have not heard about this, then you need to learn more about it. Basically, this type of currency is much more flexible as compared to the normal notes and coins that you are used to. These cryptocurrencies have numerous advantages. Bitcoin happens to be one of the most common ones. You can learn so much about Bitcoin. The following are some of the things you need to know.
Guaranteed User Anonymity
Bitcoin provides user anonymity and this is what makes it a people’s favorite. You need an identity for you to send cash to anyone when using the standard currencies. Your identity is vital whether you at using bank payment platforms, mobile payments or any other type of platform. For instance, if you are going to send money via the bank, you have to have your own bank account. You must always give the bank your own personal details before you open a bank account. However, with Bitcoin this is not necessary. When you make a Bitcoin purchase it is a lot similar to a cash purchase. When you buy items using Bitcoins, the transaction ID will always change. In addition to that, it cannot be traced back to the buyer.
Interruptions from m Third Parties are Eliminated
Bitcoin also eliminates interruptions from third parties. Interruptions are usually caused by banks and governments that act as third parties. Most people experience a hard time from banks and governments when it comes to sending and receiving money. Thankfully with Bitcoin, you do not have to worry about anyone placing a ban on your account. You can be sure that nobody other than you can interfere with your Bitcoin wallet.
No Tax on Purchases
This is probably one that many people appreciate. If you have ever bought something online or even with your credit card, you know about taxation on purchases. However, because there are no means of any third party interference, it is impossible to get any of your purchases taxed. With no sales tax you get to keep more of your cash, which is precisely what makes people happy.
Low Transaction Fees
If you have ever sent money to anyone you know about transaction fees. At times you may be charged by a middleman even when you are the one on the receiving end. Bitcoin has made it possible for people to worry less about large transaction fees when they do business online. This has only made it more popular.
Payments Made Using Mobile
Lastly, because Bitcoin works over the internet, mobile users can also use it to transact. After you start using Bitcoin you may never have to think about going to a bank again.