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Bitcoin is the most extensive invested form of cryptocurrency in the world. Bitcoin is the safest mean of investing money. Even it is very easy to transfer bitcoin from one person to another without getting any intermediary within it. Bitcoin is almost available in many countries.
Normally, when we want to transfer money from one person to another person, we generally require a third person for it, and that third person is a bank. Now, if we want to transfer money from one country to another country, we definitely need a bank for this purpose. And the bank charges lots of processing fees from us to transfer money and takes lots of time to transfer.
And nowhere is the best method of money transfer which is bitcoin. If we want to send money, we can easily send it with the help of bitcoins. And this is the digital platform by which we can transfer money. And we do not require any mediator for this purpose, and this takes very little time.
1. No Geographical Barrier – Now on the international transactions, there is the problem of different currencies in different countries. Bitcoin is independent of all currencies as Bitcoin does not come under any bank.
So if we want to transfer, there is no problem with thinking about the currency because bitcoin is the same whole over the world. Bitcoins can be converted to the required currency by various means.
2. Fewer Transaction Charges – Now, if we talk about what the transaction charges are, these are the charges which are deducted when the transfer takes place in various different cases. If we go to the bank and ask them to do the international transaction, then they will charge the transaction charges along with their commission of transferring the money.
But if this intermediary is removed, then it becomes easy for us because obviously, charges would be less. Bitcoin is the platform where there is no intermediary, and you can transfer money without paying a large number of transaction charges.
3. Less transaction time – As sometimes we are transferring the amount to the other person the most of the times the amount is required very urgently. And we go to the bank, it will take lots of time for the transaction, and we get more stuck in the problem.
Here we have the solution to this problem; we can use the bitcoin process for money transfer; it takes very little time as there are lots of miners in the world who are available for your just one transaction. So it takes very little time for them to verify your transaction.
4. Transaction Privacy – Now bitcoin is the platform where everything happens just in an open manner. But when we do the transaction at that time, the transaction details are present on the site but with privacy.
There is just the bitcoin wallet id. No one can track you by id. So it has been a very safe method to do the transaction if you want to hide your personal details.
5. Legality in India – Bitcoin transaction has got legal in India; we can make a transaction in India legally by using the web. In 2018 RBI had done the banking ban on India for having relationships with crypto companies.
A bit later on in the same year, the ban was removed by the supreme court of INDIA. And now we can openly move on with the transaction in cryptocurrencies.
So, here we can see that if we want to do transactions in cryptocurrencies or especially bitcoins, we can do it without any fear by following this Guide about blockchain as it is private, ie. It keeps all the information of the user privacy. All the transactions are performed in very little time. These transactions incur fewer transaction charges. This is the main thing which is seen by the customer.
The main point here is that it can be performed without any fear in India as it is openly legalized by the supreme court of INDIA. Earlier was banned, and if a person wants to invest in bitcoin, he has to go out of India. Here comes the conclusion that this is the best method of investment in every way possible.