What is bitcoin? Well, it is a digital currency that was created in 2009 by a mysterious software developer in Japan. Unlike money that is distributed and controlled by the government, no central body is behind Bitcoin. The best thing about bitcoins is that you can pay with them without revealing your name or address. Furthermore, sending or receiving bitcoin is free of charge.
Bitcoins can be bought at exchanges online where you can trade them for real cash. Customers keep their bitcoin in an e-wallet that helps to manage the virtual currency. Presented below are a few of the reasons why Bitcoin is receiving lots of attention.
Since third parties can’t identify, track or block Bitcoin transactions, you don’t have to worry about paying taxes every time you make purchases. You can use the money that you save to do other important things. If you don’t like the idea of paying taxes, you will never go wrong with this cryptocurrency.
Small Transaction Fees
Normal money transfers and foreign purchases come with lots of fees and exchange costs. Since no organization is behind this crypto, its transactions costs are very low. They are very insignificant. This is a huge plus especially for those who like traveling. Furthermore, the activities happen instantly, eliminating the issue of standard authorization requirements as well as waiting periods.
As mentioned earlier, bitcoin transactions are discrete. Unless you decide to publish your bitcoin transactions voluntarily, they will remain out of the public eye. Even if you publish your bitcoin transactions, they cannot be traced back to you since each time you make a transaction you get an anonymous bitcoin address.
No Third Party Involvement
Perhaps the key reason why Bitcoin is getting excessive attention is that no central bank, government or financial institutions can interrupt user activities or freeze their bitcoin accounts. It gives you the freedom that you don’t get from national currencies. This means that you can transfer lots of cash from one point to another without getting questioned like in banks.
Just like with other online payment systems, you can pay with your bitcoins anywhere if you are connected to the internet. This means that you don’t have to bother about traveling to a bank or store to purchase a product. Unlike with other online payments governed by central banks, you don’t need to disclose your personal information when making mobile payments with bitcoin.
Bitcoin is accepted across the globe as a method of payment. When paying with Bitcoin, you don’t have to bother about using your identity card or passport unlike in conventional banks. No paperwork is needed to make bitcoin transactions, download a bitcoin wallet and generate an address that you can use to send or receive payments.
Most economic experts predict that Bitcoin will be the coin of the future. Yes, you heard me right! However, currently, it is not for mass use. With time, its network will stop suffering from hacking attacks, and its value will become stable once more.