Merits of Bitcoin
Have you heard about Bitcoin? Do you have a clear idea of what it is?
The Bitcoin system was created in the year 2009 by a certain undisclosed programmer. Since then, Bitcoin has garnered a huge attention.
What is Bitcoin?
Bitcoin is a cryptocurrency and also a worldwide payment system which is designed to give online users the ability to process transactions via a digital unit. It is a decentralized digital currency, meaning it does not work with a central bank or government. Any Bitcoin user can access their coins using their computers or smartphones.
Bitcoin has some distinct advantages over the conventional government fiat currencies, despite it being new and a growing virtual currency.
Here are the benefits that you are likely to enjoy while using Bitcoin:
When you purchase products via dollars, euros or any other government flat currency, be certain that it is a must for you to pay some sum of money to the government, and this is known as tax. The tax rate varies with every purchasable item. Nevertheless, when using Bitcoin to purchase, sales taxes will never be added to your purchase. This is the greatest advantage of being a Bitcoin user since it is deemed as a legal form of tax evasion.
If you happen to purchase luxury items from a foreign country, you will be heavily taxed by the government. But if you use Bitcoin you will experience zero tax rates. And therefore this makes it the best to use. This will help you pocket some money.
Flexible Online Payments
First, you should remember that Bitcoin is an online payment system similar to any other such system. Any Bitcoin user has the luxury of paying for their coins from any part of the world as long as there is the internet connection. This means that you can purchase coins from the comfort of your home without the need of traveling all the way to the bank or store just to get your work done.
Besides, if you are making online payments via Bitcoin, you are not required anywhere to fill in your personal details or information. Thus, Bitcoin processing or transaction is much simple than those carried out in banks or using credit cards.
Minimal Transaction Fees
For those using a wire transfer or international purchases, they have to pay fees and exchange costs as this is part and parcel of the business. Bitcoin is decentralized and does not deal with government or any intermediary institution agency. Hence, the costs of the transaction are meager unlike most international transactions made via conventional currencies.
In addition to this, Bitcoin transactions do not take much time since it does not involve complications or any waiting periods.
No outside Interventions
Bitcoin will never allow any third party interruption, and this makes it more advantageous. Your Bitcoin account can never be disrupted or be freeze by the government, banks or other financial intermediaries since they have no authority to do so. You don’t have to be worried about your accounts with the government or any financial intermediaries as they are very safe. Some people tend to think that there are risks involved in the usage of Bitcoin.
By reading this article, I know you are now able to see that there are advantages of using Bitcoin that you never knew about. You can also see that the merits of Bitcoin are strong enough to make it compete in a competitive market. Many people would prefer using this system because they can pocket some money or spend less since they do not need to pay for taxation that is normally very expensive.