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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.

  • User Anonymity:

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.

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One thought on “Top 5 Advantages Of Bitcoins That You Didn’t Know

  1. The image above indicates that both benefits and drawbacks would be discussed in the article, but there are only benefits mentioned. Well no offense, still a good article!

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Cryptocurrency Market Rebounds: The Market Valuation Has Surpassed $400 Billion

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Finally, the cryptocurrency market has surpassed $400 billion in valuation after such a long correction and since 10th February, the market has been recovering really fast; however, it’s still not ready to instigate strong rallies.

Speedy Recovery:

At this time, all cryptocurrencies in the market have the market valuation of $418 billion as a whole, and the price of Ethereum has leaped over $840, whereas the price of bitcoin has hit $8,525. The price of native cryptocurrency of the Ethereum network “Ether” fell to $820 recently and is now following the same trend as bitcoin over the past few weeks.

Generally, we can say that the whole market has been following the trend of major cryptocurrencies, which includes both Bitcoin and Ethereum because in times of extreme instability, the cryptocurrencies that have huge market caps tend to work as stand-by currencies of the market.

Cryptocurrency market rebounds

In the past corrections, the cryptocurrency market recovered really fast because the casual investors and newcomers still had hope that the market would recover within a short period of time. This correction was quite different from the previous ones and the media also reported many stories that focused only on the investors who lost their money, rather than the positive developments within the cryptocurrency sector. South Korea continued to show sanguinity throughout 2017 however, it was still hit with a bear market recently due to the negative press.

As the cryptocurrency market has got negative press all around it, even with the fervent approach of regulators, as it’s been seen in US CFTC (Commodities and Futures Trading Commission) and US SEC (Securities and Exchange Commission) congress hearing, few more weeks will be still required for the market to recuperate and the major cryptocurrencies like Ripple, Ethereum, and Bitcoin to regain their absolute thresholds at $10,000, $1,000, $1 individually.

Market Will Soon Bounce Back:

According to the CEO of Pantera Capital, Dan Morehead, within few weeks, the cryptocurrency market could start assembling. He added, he’s certainly aware that it’s a very speculative market and is volatile on the downside for the past 52 days. He thinks that in a couple of weeks, everything will get back to normal and the price of bitcoin will start to grow back once again.

Morehead highlighted that bitcoin is still “under-owned” by the retail traders and if the institutional investors adopt the asset class, the market could grow really quickly.

 

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A look inside America’s largest Bitcoin mining operation

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Dave Carlson, who owns America’s largest bitcoin mining operation could be mining as much as $8 million worth of bitcoin every month. However, Dave dismisses this figure as ‘exaggeration’ and ‘fake news’ created by media.

With the mainstream media proceeding to paint bitcoin mining operation as modern age gold rush, Carlson’s story has been of particular interest, regardless of whether it hasn’t generally been put in the correct context.

To be fair, though, evaluations of his potential earnings don’t appear to be far-fetched when you consider he went from driving a $300 Honda to directing the largest bitcoin mining operation in America in simply under a year, and that bitcoin mining is still broadly misunderstood.

All things considered, when the facts are examined, his business is no less impressive.

Tags: Bitcoin videos, bitcoin mining

To get to the truth of his story, CoinDesk addressed Carlson about the increased attention his Washington-based bitcoin mining operation (he refused to disclose the location) is getting, how he assembled the organization and how it earned $8m a month when bitcoin costs were close to their peak.

“I used to spend long hours configuring servers, assembling rigs, and connecting cables. I now have a technical team that covers assembly, deployment, facilities, optimization, and management. I invest the greater part of my energy dealing with the bigger issues the organization faces in regards to future development and operations.” said Carlson to sum up his business growth.

 

Credits: CoinDesk.com

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Altcoins to compete with Bitcoin, the world’s leading digital currency

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Bitcoin has started the month by hitting an all-time high of $1500, with maintaining its peak at $1441.39 in the month of April. The announcement of Japan officially recognizing Bitcoin as a legal payment method and that Russia’s lawmakers plan to release their ban off Bitcoin, has been extremely beneficial to Bitcoin’s new climb.

However, it’s opposing Altcoins are having their share of the spotlight as well.

 

Ethereum Cryptocurrency

Ether

Ethereum’s Ether is the second largest digital currency. It recently crossed its $15 mark and has reached its new target of $80. This has created a buzz in the cryptocurrency world and merchants might even adopt this currency side by side. Further testing and improvements, to the Ethereum’s blockchain, are said to be taking place in the future. All in all, this might give the currency an even bigger boost in the coming weeks.

Ripple cryptocurrency

Ripple

The Ripple network is being embraced by a large number of financial institutions to process domestic and cross-border payments. This has caused a sharp increase in the digital currency. It had an impressive jump from $0.0054 on March 1 to $0.054 on May 1.

Litecoin cryptocurrency

Litecoin

Litecoin was created to be the “silver” to bitcoin’s “gold”. It’s been having an impressive rally, ever since the talk of “SegWit Implementation” has begun. The price of Litecoin has jolted from $6.74, to surpass the $15 mark on April 25.

top online cryptocurrencies

Today, as we watch bitcoin alternative becoming increasingly popular, the amount of in-flight trade in goods using Bitcoin means that the value must increase in order to cover the value of the goods. As there is a limited supply of Bitcoin and the supply will only increase slowly over time to a maximum of 21 million, the increase in trade volumes will result in an increase in Bitcoin value.

While Altcoins are drawing a lot of attention towards themselves, let’s not forget that they are also riskier investments than bitcoin, because after all, they are untested and relatively unstable. Also, their prices can drop faster than they rose.

This is something to keep in mind when making your next altcoin currency in the current market state.

Tags: Largest digital currencies

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What is the Real Value of a Bitcoin?

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In the past decade, Cryptocurrencies have become a revolution in the modern economy and banking system. It acts as an alternative currency which serves as a financial transaction database for the general public and the cryptocurrency which pave the way for this successful revolution is Bitcoin. Bitcoin was the first of its kind and introduced in 2009 and since then it serves as the digital gold standard in the whole cryptocurrency industry. The value of bitcoin has been increasing over the past decade and the value of bitcoin in future estimated to have upgradation after recognizing present rate of increment. The value of bitcoin has increased from 0 to 7300 dollars from its introduction in crypto industry.

value of bitcoin in future

  • Value as a Currency

Bitcoin has emerged as a new world currency over the past decade. It serves as a global way of payment. Usually, the currency system depends upon the country’s economy and a centralized banking system which check the exchange rates of the currency with the global stock exchange. But Bitcoin doesn’t need all. It doesn’t depend upon any banking system.

Nowadays Bitcoin is usually measured or exchanged in terms of American dollars or Japanese yen it means anyone can exchange bitcoin either in dollars or yen depending upon the rate of exchange in the global market which can be high or can be low as zero. The difference between the other currencies which are supported by the banking system and bitcoin is that it doesn’t require any banking structure for its exchange and can be exchanged for dollars and yens depending upon their values.

  • Value as an Investment

In the field of Finance, the investment is a term which generates a value that describes the sum of future revenues generated. Up till now, bitcoin doesn’t hold any type of present and future revenues so It can say that now Bitcoin as an investment has zero minimal value.

According to the famous businessman, Warren Buffet bitcoin cannot become an investment and it is a mirage. Buffet said the idea which has high inherent value is just a joke in his view and it will have a bad ending.

  • Bitcoin a New Gold

Sometimes Bitcoin is also referred to as a new gold due to its inability to generates revenues. The assets which don’t generate any revenue such as gold but the gold has minimal value because of the industrial use and the manufacture of industrial goods that has given gold a minimal value despite having no financial assistance. Bitcoin has been compared to gold over the years due to having low financial investment.

  • Bitcoin as a Ponzi Scheme

Bitcoin also termed as a Ponzi scheme, which is described by the fraud investment in which manager provides fabricated reports and try to lure the new investors into the reports so they invest in their project and generates revenue for the older investors.

The characteristics of Ponzi scheme is:

  1. Usage of verbal guises
  2. Encouragement of high return to the new investor that lure them to invest
  3. Not having solid assets ground
  4. Minimal withdrawal of money by providing new plans

In the end, it can be said that the Bitcoin has integrated a revolution in the modern currency and banking system and the value of bitcoin has proved its popularity among the people and made it a global way of payment. In the recent, the value of bitcoin in future will increase as the rate of increment in the present time and maybe it will become a new gold or a mode of investment.

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