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What are Bitcoins and What are Its Benefits? Have you ever wondered what bitcoin is? You have probably heard of it somewhere, but don’t really know what it is and how to use it. Its simple definition is that it is a digital currency system which one can use in online transactions. Bitcoin is a … Continue reading “Products – My Most Valuable Advice”

What are Bitcoins and What are Its Benefits? Have you ever wondered what bitcoin is? You have probably heard of it somewhere, but don’t really know what it is and how to use it. Its simple definition is that it is a digital currency system which one can use in online transactions. Bitcoin is a unit of exchange in the online world, or a virtual currency. Bitcoins can be used for online transactions and payment processing carried out in computer networks connected by a shared program. Bitcoins were created based on complex mathematical algorithms, and it can be bought with standard national money currency. Bitcoins can be accessed by users with their smart phones or computers. You have more advantages when you use the bitcoin as a growing virtual currency over conventional national currencies. Below are some of these benefits.
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When using conventional currencies for your online transactions, it will usually generate tax payments to the government. Every item has its own designated tax rate. Taxes are not added to your purchase when you use bitcoins to pay.
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Luxury items that are exclusive to a foreign country which you are purchasing with bitcoins will practically have no tax charges. These items are normally heavily taxed by the government. If you wish to buy bitcoins, you can buy them from anywhere there is internet connection to use in your online purchases. You don’t need to go to a bank to purchase coins, since everything can be done online. If you make payments using bitcoins, you do not need to fill in details about your personal information. Hence, processing a bitcoin transaction is simpler than those carried out through US banks or credit cards. Standard wire transfers and international purchases normally incur fees and exchange costs. Transactions costs are very low when using bitcoin compared to using conventional currencies since bitcoins are not monitored by any intermediary institution or government agency. Bitcoin transactions are also fast since they do not involve the complications of typical authorization requirements and waiting periods. You have the option of user anonimity if you use bitcoin to transact online. Bitcoin purchase and similar to cash purchases which cannot be traced back to you or is not connected with your personal identity. As a matter of fact, the bitcoin address that is created for user purchases is never the same for two different transactions. But it is your option whether you want to reveal and publish your bitcoin transactions or not. Third party interruptions are eliminated with bitcoin transactions. This means that no government, bank and other financial institutions has authority to disrupt user transactions or freeze a bitcoin account. Bitcoin is strictly peer to peer. Users of bitcoin enjoy greater liberty when making purchase than they do with using conventional national currencies.

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