Bitcoin

Analysed Top 7 Bitcoin Benefits2 min read

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Bitcoin Benefits are major points we will talk about here today…

But first..

Just as every country has their unique currencies by which transactions can be made….

The currency, specifically is regarded as a cryptocurrency which as its name suggests means encrypted money.

Bitcoin is a type of virtual currency that can be used with purchases and transactions on the Internet.

The Bitcoin Benefits can be expressed in seven given points..

Bitcoin is a unique form of currency that has several benefits over regular forms of currency.

Top 7 Bitcoin Benefits

1 . Complete Freedom With Transactions

The transactions using bitcoins are very circumspect and the users can remain anonymous except when the user allows their names to be published. The purchases using bitcoins cannot be traced to its users so there is complete freedom with transactions and this is a very use advantage over regular currency as there is never complete freedom using them.

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2. Tax Is Eliminated From Transaction

Bitcoins are decentralized, so they do not answer to any third party organisation be it banks or the government. As there is no way for the transactions to be traced, there is no transaction to be taxed.

Read Also: Getting Started With Bitcoin; Buying Bitcoin and It’s Advantage

3. Little Or No Transaction Fees

Due to the lack of third party interference, the cost of transactions are really low compared to transactions using normal currencies.

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4. Transactions On The Go

Bitcoin is a global currency, so as it is an online payment system, all you have to do where ever you go is just have access to the Internet and then viola!, transactions can take place.

5. Inflation Risk Is Curbed

Due to the fact that the value of the bitcoin is not determined by the government or institution, the probability of the risk of inflation which is caused mostly by the government is at its barest minimum unlike the regular currency that is always at risk of inflation.

6. Risk Of Collapse Is Low

As regular currencies depend on the government to sustain them, they are always at a risk of collapse but this is not the case of Bitcoin as its value is not determined by the government or any institution.

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7. Bitcoin Cannot Be Stolen

You know how it easy to steal regular money either physically or electronically? Well that’s not the case for bitcoin as the username can only be changed by the user and for someone to steal your bitcoin, they’ll have to have physical access to the computer of the user which is next to impossible as bitcoins cannot be traced.

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