How Bitcoin Has the Potential to Change the World
It’s no secret that there are some unbelievable advantages to making transactions with Bitcoin, and thanks to the unique possibilities of the digital currency, it will undoubtedly shape the future in some way. While we are unsure of the multitude of numbers next to the Bitcoin price chart, we are certain that Bitcoin and its technology have the potential to change the world as we know it. Here, we’re taking a closer look at how Bitcoin has – and how it could – further revolutionize our current methods.
The Ability to Buy & Sell Bitcoin
Just like you can earn money by working, selling items and exchanging currencies, you can earn Bitcoin by mining, selling various good or purchasing them by exchanging pounds or US dollars.
These Bitcoins are stored in safe wallets, which are otherwise known as secure Bitcoin storage provided by various Bitcoin providers. Wallet owners have the chance to use their Bitcoin for transactions where the receiving party accepts the cryptocurrency, which is then recorded on the Bitcoin network before the transaction is authenticated. With the opportunity to buy and sell Bitcoin as you please, there are multiple reasons why the cryptocurrency has taken the world by storm. Eliminating the middleman in a number of processes, trading Bitcoin is one of the most efficient ways to trade and exchange goods.
Low Transaction Fees
Today, standard money transactions involve additional charges, but because Bitcoin transactions do not involve intermediary personnel, the costs of making a transaction are – and will remain – incredibly low. This is a major advantage for travelers in particular, as they can transfer currency from one place to another without encouraging additional fees that can quickly add up. Since Bitcoin transfers complete faster than any other transaction on earth, there are no waiting periods.
Like with multiple online payment systems, Bitcoin users have the opportunity to pay for their coins anywhere they have access to the internet. Essentially, this means that those who purchase the currency are never required to travel to a store or bank in order to buy a product. What’s more, personal information is not required to complete any transaction regardless of how big or small it might be. Unlike online payments made with various bank accounts, this means that Bitcoin payments can be completed in lightning speed, which is yet another major benefit of the cryptocurrency.
Many fail to believe that Bitcoin purchases are discrete, but the truth is, they are! Unless a user purposely publishes their Bitcoin transactions, those purchases are never associated with a personal identity. This is similar to cash-only purchases, where the purchase is unable to be traced to the buyer. Whilst it can be initially difficult to get your head around, Bitcoin is one of the few currencies which offer such a high level of user anonymity, making it the sensation it is today.
Purchases Are Not Taxed
Due to there not being a way for third parties to identify transactions that are made in Bitcoin, an appealing advantage of the currency is that no taxes are added onto any purchase, regardless of how big or small it might be. The platform is solely peer-to-peer.
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