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5 Merits of Bitcoins That You Didn’t Know

Most people have heard of the term Bitcoin but don’t have a clear idea of what it really is. Simply defined, Bitcoin is a decentralized, peer to peer, digital currency system, designed to give online users the ability to process transactions via digital unit of exchange known as Bitcoins. In other words, it is a virtual currency.

The Bitcoin system was created in the year 2009 by an undisclosed programmer(s). Since then, Bitcoin has garnered huge attention as well as controversy as an alternative to US dollar, Euros and commodity currencies such as gold and silver.

A private network of computers connected by a shared program is used to carry out transactions and process payments in Bitcoin. The creation of Bitcoins are based on increasingly complex mathematical algorithms and its purchase is made with standard national money currencies. Users of Bitcoin can access their coins with their smart phones or computers.

As a new and growing virtual currency, Bitcoin has certain distinct advantages over the conventional government flat currencies. Here are 5 benefits that you will enjoy when using Bitcoin

1) No Taxation

When you make purchases via dollars, euros or any other government flat currency, you have to pay an addition sum of money to the government as tax. Every purchasable item has its own designated tax rate. However, when you’re making a purchase through Bitcoin, sales taxes are not added to your purchase. This is deemed as a legal form of tax evasion and is one of the major advantages of being a Bitcoin user.

With zero tax rates, Bitcoin can come in handy especially when purchasing luxury items that are exclusive to a foreign land. Such items, more often than not, are heavily taxed by the government.

2) Flexible Online Payments

Bitcoin is an online payment system and just like any other such system, the users of Bitcoin have the luxury of paying for their coins from any corner of the world that has an internet connection. This means that you could be lying on your bed and purchasing coins instead of taking the pain of travelling to a specific bank or store to get your work done.

Moreover, an online payment via Bitcoin does not require you to fill in details about your personal information. Hence, Bitcoin processing Bitcoin transactions is a lot simpler than those carried out through U.S. Bank accounts and credit cards.

3) Minimal Transaction Fees

Fees and exchange costs are a part and parcel of standard wire transfers and international purchases. Bitcoin is not monitored or moderated by any intermediary institution or government agency. Therefore, the costs of transacting are kept very low unlike international transactions made via conventional currencies.

In addition to this, transactions in Bitcoin are not known to be time consuming since it does not involve the complications of typical authorization requirements and waiting periods.

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Bitcoin – Yes or No? Should You Invest in Bitcoin?

Wondering if you should invest in Bitcoin? If you’ve been around any kid of financial news lately, you’ve no doubt heard about the meteoric rise in the world’s most well-known cryptocurrency.

And if you’re like a lot of people right about now, you’re probably wondering, “Bitcoin – yes or no?”

Should you invest? Is it a good option? And what the heck is Bitcoin anyway?

Well here’s a few things you should know about Bitcoin before you invest. Also note that this article is for information purposes only and should not be taken as any kind of financial advice.

What is Bitcoin?

Bitcoin is known as a cryptocurrency or a digital currency. It’s basically online money. Like any currency you can exchange it for other currencies (like say, buy bitcoins with US dollars or vice versa) and it fluctuates in relation to other currencies as well.

Unlike other currencies however it is decentralized, meaning there isn’t any one central bank, country or government in charge of it. And that means it’s not as susceptible to government or central bank mismanagement.

Pros of Bitcoin

#1 Easy To Send Money

Because it’s decentralized, this also means that you can send a friend Bitcoin (money) on the other side of the world in seconds without having to go through a bank intermediary (and pay the banking fees).

This fact alone makes Bitcoin very popular. Instead of waiting for a wire transfer which can take days, you can send your payment in seconds or minutes.

#2 Limited Supply

There are only 21 million Bitcoins that will ever be mined. This limits the amount of Bitcoin that can ever be produced. This is like saying a government cannot print money because there is a limited supply of bills – and they won’t print anymore.

When there is a set supply your purchasing power is preserved and the currency is immune to runaway inflation.

This limited supply has also helped to contribute to the rise in the price of Bitcoin. People don’t want a currency that can be printed – or inflated – into infinity at the whim of a greedy government.

#3 Private

Most people think that Bitcoin is completely anonymous. But actually it’s not anonymous – it’s more private. All Bitcoin transactions ever made can be seen on the Blockchain – the public Bitcoin ledger.

But your name and identifying details behind the transaction are not seen. Each transaction is linked to an address – a string of text and characters. So while people might see your address – there is no way to link that address to you.

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