As you all know bitcoins are one the type of cryptocurrency that are created by a slow computer process called bitcoin mining. It is international money and it is not regulated by any central authority such as banks and other government bodies. Thus you can make use of this digital money anywhere in this world without having any worry about taxes involved during purchasing goods and services with this currency.
What are the merits of using bitcoins?
- No fraud – Unlike credit card payments, the transactions made with this digital money cannot be counterfeited or reversed by the sender. Thus there will be no fraud involved in these transactions.
- No identity theft – Since you are not offering your identity with bitcoin transaction to your receiver, no one can identify you or your identity cannot be determined by anyone. Only your bitcoin public address can be visible but they will not be able to find that is you who transact them.
- Fast transaction – Due to the involvement of intermediaries or third party services, there will be always some delay in making the transaction when you transact normal currencies but with this cryptocurrency since the transactions are peer to peer, it can be made immediately with fewer fees involved.
- International access – As it is a software application, people of all age groups with a mobile device along with an internet connection and from any country as well can access this bitcoins and is extremely easy to use it.