In the technologically advanced world that we live in, cryptocurrency seems to be the new trend. Bitcoin, to be more specific, is taking over new headlines around the clock. Understanding just what benefits will come from using this specific type of cryptocurrency is something that every individual should be able to understand.
The first major advantage of using Bitcoin is that it provides freedom. No matter where you are around the globe, you can send or receive money in the form of Bitcoin. There’s no need to exchange money, deal with delayed transfer due to banking holidays, or deal with any other usual limitation that current money transfers entail. With Bitcoin, you can take control of your money and have access to it whenever you would like to.
Another great advantage of Bitcoin is that there is no way to impose taxes on transfers. This is because all transfers are randomly done using coding that hides any sort of tracking about the persons doing the transfers. The encryption method used with Bitcoin is unlike others on the market. It allows for complete security when it comes to keeping your information safe.
The fees for doing transfers with Bitcoin are little to none. It really depends how fast you want the transfer to take place. If you want expedited service, you can pay a little bit of money to get it done. These fees are lower than the typical merchant fees that are charged by credit card companies and services like PayPal.
The privacy that you get with Bitcoin transaction is unlike any other you’ll currently get in the market today. There are no physical tracking details about any orders with Bitcoin. The only way someone would be able to look at any of your transactions is if you give them your wallet address. This is a concealed address that is unique to you, such as your social security number. As long as you keep it to yourself, no one will be able to track your Bitcoin transactions.
If you’ve ever owed back taxes, it’s likely the Government has instituted income back holding tax on your paycheck. This allows the Government to take money out of your paycheck each week automatically. This is before you get access to the money. With Bitcoin, the Government has no way to seize your money. This makes back tax withholding not possible for the Government. This is a major advantage for those who have had issues with their back taxes.
The last major benefit of using Bitcoin is that your account can only be assessed from your physical address. Unless someone is able to get access to your computer, there’s no way for them to get your money or learn how to buy Bitcoin. This is a major advantage over the systems today where a hacker can access your accounts with a few clicks of their mouse from their own living room.
Bitcoin is changing the way the world does business. All the above are just some of the major advantages this type of cryptocurrency is providing for users. We look to see Bitcoin grow in importance over the next decade.