Short Course on Currencies – Getting to Square 1
Essential Things That You Need to Know About Bitcoin
There is a lot of talk about cryptocurrency today. It has reached a point where if you do not know about cryptocurrency then you just have to learn more about it. In essence, this is a new type of currency, which comes with a lot more flexibility compared to the legal tender notes and coins that people use today. There are so many benefits that come with cryptocurrencies. One of the most common types of cryptocurrencies is Bitcoin. You can learn so much about Bitcoin. The following are some of the things you need to know.
You Get User Anonymity
The anonymous feature that comes with using Bitcoin is the reason why people love it a lot. You need an identity for you to send cash to anyone when using the standard currencies. This is something that is necessary for mobile money transfers and even other payment platforms. As a matter of fact, you must have a bank account if you want to send money via the bank. For you to get a personal bank account, you need to give some sought of identification to the bank. This is not a necessity when you want to use Bitcoin. Bitcoin purchases are usually similar to cash purchases. The transaction ID changes each time. Moreover,you will never find any purchases being traced back to you.
Third Parties are Eliminated
Bitcoin also eliminates interruptions from third parties. Interruptions are usually caused by banks and governments that act as third parties. Most people experience a hard time from banks and governments when it comes to sending and receiving money. Nevertheless, Bitcoin makes it hard for any of these parties to put a ban or close an account. Actually, Bitcoin gives you the security you have been waiting for when using your money.
No Tax on Purchases
This is something very many people are happy about. If you have used your money to buy anything, then you know about the taxes imposed on the things you buy. Luckily, with Bitcoin, no third-party interference exists, and thus you can buy things freely. Considering there is no sales tax on what you buy, you get to enjoy more of your hard-earned cash.
The Transaction Fees are Low
If you have ever sent money to anyone you know about transaction fees. There are times that a financial institution may charge you even when you are receiving the cash. Nonetheless, Bitcoin is making it easier for people to transact online with no worries about large transaction fees. This has only made it more popular.
Lastly, because Bitcoin works over the internet, mobile users can also use it to transact. You can forget about having to go to the bank once you start using it.