Benefits of Using Bitcoins
Have you ever wondered what bitcoin is? You might have come across it online, but have no real experience of it. Its simple definition is that it is a digital currency system which one can use in online transactions. You can call it virtual currency since it can be used as a unit of exchange in the virtual world.
Computer networks connected by a shared program can carry out bitcoin transactions and payment processing. It took complex mathematical algorithms to create bitcoins and to buy one, you can use standard national money currency. Bitcoins can easily be accessed through your smart phone or computer.
There are certain distinct advantages that bitcoins have as a new and growing virtual currency over the conventional government flat currencies. The benefits of using bitcoins in online transactions are given below.
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When using conventional currencies for your online transactions, it will usually generate tax payments to the government. Every item has its own designated tax rate. But when you purchase through bitcoin, taxes are not added to your purchase.
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Luxury items that are exclusive to a foreign country which you are purchasing with bitcoins will practically have no tax charges. These items are normally heavily taxed by the government.
If you wish to buy bitcoins, you can buy them from anywhere there is internet connection to use in your online purchases. You don’t need to go to a bank to purchase coins, since everything can be done online.
Using bitcoins to make purchases eliminates the need to fill details about your personal information. It is simple to process a bitcoin transaction than those using credit cards or through US banks.
There are fees and exchange costs for standard wire transfers and international purchases. Transactions costs are very low when using bitcoin compared to using conventional currencies since bitcoins are not monitored by any intermediary institution or government agency.
And since there are no complications of typical authorization requirements and waiting periods, bitcoin transactions are very fast.
User anonimity is an option when using bitcoins in online transactions. If you pay with bitcoin it is just like paying with cash since your transactions can never be traced back to you and the purchases are not connected to your personal identity. As a matter of fact, the bitcoin address that is created for user purchases is never the same for two different transactions.
You can either keep your identity secret or you can voluntarily reveal and publish your bitcoin transaction.
Third party interruptions are eliminated with bitcoin transactions. Bitcoin transactions cannot be disrupted by the government, banks, or any financial institution, and they also cannot freeze bitcoin accounts. Transactions using bitcoin are strictly peer to peer. Users of bitcoin enjoy greater liberty when making purchase than they do with using conventional national currencies.