While ‘Bitcoin’ is a very commonly heard term, there are few who really know what it is. Although it is a bargaining system, it is the most different from others for two major reasons. For one, this implies a form of digital currency that can be transferred easily. What makes it more unique, however, is the fact that it does not involve any bank or other official financial institution. This is simply an independent and inexplicable peer-to-peer system. Here are some of the latest Bitcoin news and highlights:
Anonymat – If you want to make simple transactions without using your personal identity information and your bank account, Bitcoins allowed it. All transactions made anonymous, unless you choose otherwise, and you can not be followed. For each transaction, a created address is unique and will never be repeated.
Recipient’s privileges – Unlike most other forms of trading, Bitcoins are irreversible and you can not cancel a payment once you have sent it. If you have to reverse the transaction, you will need the recipient’s consent. In addition, transactions take about 10 minutes to complete, unlike other financial transactions processed almost immediately.
Purchase of luxury goods – One of the main reasons for Bitcoins has become popular was the fact that they are perfect for the purchase of foreign luxury items. These are those that are highly taxed by the governments of these countries and the final cost becomes very high. Since Bitcoins do not involve any government institutions, there are zero taxes you have to pay. This, as well as the already minimal transaction cost, makes it ideal for use to purchase foreign country items.
Mobile Portfolio – Among the most popular Bitcoin news, was the fact that there was a mobile version introduced in addition to a computer version. This means that you can install an application on your smartphone and handle your bitcoins through it. This also facilitates the exchange of your coins at any time.
Limited Acceptance – Despite the increasing use of Bitcoins, you must check whether or not they are accepted at the store you want to use them to. There are still several places that do not accept them as a valid and usable form of currency. However, it should change soon, with a digital currency becoming easily more popular.