Most people have heard of the term bitcoin but don’t have a clear idea of what really is. Only defined, Bitcoin is a literalized currency system, peer to peer, colleagues, designed to provide online users of the ability to process transactions through a digital exchange unit known as Bitcoin. In other words, it is a virtual currency.
The Bitcoin system was made in 2009 by a programmer that was not disclosed. Since then, Bitcoin has collected great attention and controversy as an alternative US dollar, euro and commodity currency such as gold and silver.
Personal computer networks linked by shared programs are used to carry out transactions and payment processes in Bitcoin. The creation of bitcoin is based on increasingly complex mathematical algorithms and purchases made with standard national currencies. Bitcoin users can access their coins with smart phones or their computers.
As a new and developing virtual currency, Bitcoin has a certain advantage compared to conventional government flat currencies. Here are 5 benefits that you will enjoy when using Bitcoin
1) No taxation
When you make a purchase through dollars, euros or other flat government currencies, you must pay an additional amount of money to the government as tax. Each item that can be purchased has its own specified tax rate. However, when you make a purchase through Bitcoin, the sales tax is not added to your purchase. This is considered a form of tax embezzlement law and is one of the main advantages of being a Bitcoin user.
With a zero tax rate, Bitcoin can be useful especially when buying exclusive luxury items for foreign land. These items, more often than not taxed by the government.
2) flexible online payments
Bitcoin is an online and same payment system as such a system, Bitcoin users have luxury to pay their coins from any angle that has an internet connection. This means that you can lie in bed and buy coins instead of taking pain traveling to a particular bank or store to complete your work.
In addition, online payments through Bitcoin do not require you to fill in details about your personal information. Therefore, Bitcoin processing Bitcoin transactions are much simpler than those carried out through US bank accounts and credit cards.
3) Minimum transaction fee
Costs and exchange fees are an integral part of standard wire transfers and international purchases. Bitcoin is not monitored or moderated by an intermediary or government institution. Therefore, the transaction costs remain very low unlike international transactions carried out through conventional currencies.
In addition, transactions in Bitcoin are not known to take time because they do not involve complications of typical authorization requirements and the waiting period.
4) hidden user identity
All Discrete Bitcoin transactions, or in other words Bitcoin gives you the user’s anonymity option. Bitcoin is similar to cash purchases in the sense that your transaction can never be traced back to you and this purchase has never been connected with your personal identity. In fact, the Bitcoin address made for purchasing users has never been the same for two different transactions.
If you want, you have an option to reveal and publish your Bitcoin transactions voluntarily but in many cases, users keep their identity secrets.
5) no outside intervention
One of the biggest advantages of Bitcoin is eliminating third-party interruptions. This means that the government, banks and other financial intermediaries do not have any authority to interfere with user transactions or freeze Bitcoin accounts. As mentioned earlier, Bitcoin is based strictly on the peer to peer system. Therefore, Bitcoin users enjoy greater freedom when making a purchase with Bitcoin than they do
