Bitcoin is a cryptocurrency and has spawned a lot of curiosity regarding how it is to be used if it is accepted everywhere and what Bitcoin offers. Bitcoin basically serves as an efficient way of making payments and withdrawing money over the internet. Bring under the control of a decentralised network and having completely transparent rules and regulations, it offers a wonderful alternative to the fiat money controlled by the banking institutions.
It is purely a currency of electronic form and has absolutely no physical presence around the world. Just like all the cryptocurrencies, Bitcoin exists largely on the Internet and has been able to stand out from the rest of them for all the benefits that it has to offer.
Your Identity Remains Concealed
In case you are wondering what bitcoin offers, then you would actually be surprised to know that when making payments or withdrawing any amount with bitcoin, your identity would remain hidden. Unless a user voluntarily puts up his transactions, the purchases would never be related to his/her personal identity. Furthermore, while making purchases, the Bitcoin address which is generated also keeps on changing for each and every transaction making it difficult to track the user.
No Mediator Intrusions
One of the biggest reasons as to why millions of people use cryptocurrencies is because no mediator can intrude or rather interrupt your transactions. Banks, governments or any other financial institutions have in fact got no way to freeze your accounts. The entire system is entirely peer-to-peer and the users get to experience a lot of freedom as compared to the national currencies. You purchase something from a seller and make the payment directly to them without involving any financial institutions, as simple as that.
Very Modest Transaction Fee
When you make foreign purchases or opt for wire transfers, it generally does involve an exchange cost and a transaction fee. But, with Bitcoin, that’s not the case. This is because there’s no involvement of the government or intermediary institutions. Hence, the cost of transactions remains low. Moreover, the transfer of funds happens rather quickly. This abolishes the annoyance and distress of wait periods and the quintessential requirements of authorisation. Even if you don’t receive the funds within a few minutes, you can be sure of receiving it on the same day as compared to the banking transactions that take about 2-5 business days.
Instant Mobile Payments
As is with a lot of other payment systems that are based online, the Bitcoin users to make payments from anywhere as long as they have access to the internet. This is a good thing as the users wouldn’t have to visit a store to purchase something or visit the bank to transfer the funds. An added benefit here is that your personal data wouldn’t be required to complete the transaction.
Other than all of the benefits mentioned, another good thing about this cryptocurrency is that the purchases you make aren’t taxed. As there’s no way for any mediator to intercept the transactions or identify it, the purchases remain tax-free. This enables the Bitcoin users to purchase items without paying the tax and without revealing their identity on the internet.