Bitcoins, the ‘peer-to-peer’ cryptocurrencies are designed to make online users process transactions online through internet. In the modern world, when everything is getting digitalized, using Bitcoin is quite beneficial for traders who want to get a hold on the international market.
One can mine Bitcoins by a computer, just by solving complex mathematical puzzles. Else, you can also buy it with standard money currencies and keep those into your ‘Biotin Wallet.’ If you have smartphone or computer, you can access those easily. Now, let’s find out why using Bitcoin is so beneficial-
Hiding User Name Is Possible
This is one of the major benefits of making transactions through Bitcoin. The username can only be disclosed if the user announces his transactions. Records of his purchase can be kept hidden, and those records can’t go back to reveal your identity. Even, the most interesting part of user anonymity is that the Bitcoin address gets changed after each transaction. Isn’t that highly exciting?
No Intervention of Third-Party
As Bitcoins are not recognized and backed by any government organizations, like banks, there is no chance of third-party intervention. You don’t need to afraid of freezing account or sudden change in the money market. This system is completely peer-to-peer system and depends only on user experience.
Transaction Fee Is Quite Low
Foreign exchanges and standard wire transfers include transaction fees of a good amount. As there is no interference of any third party or governing body in regulating the Bitcoin, the transaction fee is lower than the traditional methods. This can help travelers a lot. As there is no waiting period or authorization requirements, the transaction process through Bitcoin is quite easy and faster.
No Tax on Purchase
What do you want to be happy when there is no extra money to pay in the name of taxes after shopping? As there is no inclusion of third-party, buying with Bitcoins gives you the opportunity to say goodbye to sales taxes.
Pay Through Mobile
You are aware of it. You have paid online after shopping from various shopping sites. Paying Bitcoin is almost like the same. Once you have a smartphone, you can make easy transactions from there. The days of standing in a queue to pay have long gone.
It is true that the graph of the value of Bitcoins was highly volatile in the initial days, but from the last six months, it has shown great stability and the value is increasing every day. This is really a benefit for the users.
No Paperwork Is Needed
People of any age and from any corner of the world can access Bitcoin and users won’t need any ID proofs, address proof or passport which is required to open a bank account. To access Bitcoin, you just need to download Bitcoin wallet and generate a Bitcoin address.
Easy to Carry
While traveling, you can carry Bitcoins worth of specific amount of dollars on your Bitcoin wallet. This is a quite safer process that is carrying cash or gold.
Lower Risk of Collapse
While the chance of collapsing is higher for real money, Bitcoins are away from that risk. Real money is regulated by the government of any countries, and that can fail anytime. People of the country can suffer from hyperinflation or a sudden collapse in the currency. You definitely don’t want to drain all your money like this. Using Bitcoins can keep you away from that risk, and you can stay relaxed.
Inflation Risk Is Negligible
In many countries, at any time, the printed money often lose its power to purchase any more. The governments have to take a serious step to stop this inflation and print more new notes. You won’t have any problems with Bitcoin as those are designed to be finite. Only 21 billion Bitcoins are released together.
So, these are the benefits that you can avail from Bitcoins. If you are still not started mining, do it now to increase your collection of Bitcoins so that you can take part in this vast technological advancement.