Bitcoin is a digital currency that first came into circulation in 2009. The identity of the creator is still disclosed.
In recent years, Bitcoin has attracted interest from numerous people of different lines of work, but there is still a large portion of the public that still doesn’t know what is Bitcoin and how does it work. Simply stated, Bitcoin is a peer to peer, decentralized, digital currency system, designed to enable online users to make transactions via the digital currency. In other words, it’s a virtual currency.
Let’s take a look at some of the advantages of using this currency.
What Are The Benefits Of Bitcoins:
Its Tax Free:
When a user buys something using euros, pounds, dollars or any other type of flat currency, he is supposed to pay some additional sums in taxes. Every item that is purchased via cash has a certain amount of tax on it.
On the other hand, Bitcoin is tax-free. No sales taxes are involved when you pay with bitcoin in transactions made.
The zero taxation makes Bitcoin an extremely useful form of currency, especially when it comes to buying luxury items.
There Are Minimal Transaction Fees:
Exchange costs/fees are part of all sorts of wire transfers. On the other hand, no such costs come with Bitcoin transactions. Since there is no monitoring bank or governing authority to keep the flow of bitcoins in order, the transaction costs are extremely low, or even zero in some cases.
Flexible To Pay:
The fact that Bitcoin payment system is online makes it extremely handy for the users to make transactions. All you have to do is tap your smartphone screen a few times or do some clicks on your PC to transfer the coins.
The flexibility in payment methods means you can make the worldwide transaction without even having to leave your bed. Amazing! Isn’t it?
Read our guide to learn more about Bitcoin payments.
Bitcoin transactions are distinct and give you complete user anonymity. Every purchase made through bitcoins is never connected to you and there is no way for it to be tracked back to you. However, if a user is willing to reveal his identity, he does have the option of to publish his transactions – but in most cases, the users prefer to stay anonymous.
Lastly, The Currency Is Free from Third Party Influence:
One of the biggest advantages of using Bitcoin value is that it eliminates third-party influence. There is no central bank or a government authority controlling the flow of bitcoins, which ultimately eliminates the chances of your transaction being disrupted.
Bitcoin transactions are based on peer to peer system and it allows the users more freedom and greater liberty to make a purchase.