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Bitcoin is a virtual currency that uses encryption to control the creation of money and to verify the transfer of funds. The decentralized system, unlike traditional banking or payment systems, can operate on a global scale without being controlled by any single government, corporation, or other private entity. The security of transactions are based on the same cryptography used in most e-commerce applications.
There are many other benefits of bitcoin . Let’s take a look at them below.
No International Ban for Bitcoin
Since the introduction of bitcoin it has been so far not banned in any country. This is a big advantage because we can use our Bitcoin Prime Review anywhere and anytime without restrictions. Is your government planning to ban bitcoins? You can ignore this law and continue using bitcoin and nobody will bother you about that! No Government Control
The term cryptocurrency became popular on account of its affiliation with the internet currency called bitcoins. While some governments allow its people to freely use that currency, others do not tolerate it at all or remain skeptical about its legality that leads to the uncertainty in their participation over such currency. With no involvement from any governmental institution, digital money trades smoothly and efficiently among individuals, corporations and institutions worldwide while ensuring privacy for all transactions made through the use of the particular software.
Almost 89% of all the cryptocurency is of Bitcoin which means that it is not just reliable but a success currency. In fact, recently, the Bitcoin creation and mining has been halved through Bitcoin Halving which limits the further production of the coin. This makes things easier as excessive coins can also cause inflation in the market.
No Transaction Charges!
Bitcoin transactions are free of charge! Compare this to your credit card company that charges you 3% on all transactions. Because there is no way for the users to cheat the system, it works as a more efficient and reliable form of currency than any other devised by mankind before.
Privacy Concerns
If you use Bitcoin, your transactions and personal information will be so secure that no one will be able to access them even if they hacked into the computers. Only you have control over your money!
Zero Risk of Default
Nobody can default on their bitcoins because there is nobody who can block or seize your account at any time. Transaction security is based on the availability of all system users to maintain copies of the same transaction log or database which contains details about all transfers made throughout history. This means that once a transaction has been recorded in the log it cannot be altered without having to change all subsequent blocks which would require majority consensus by users! No risk of fraud whatsoever.
Fast and Secure Transactions
Bitcoin transactions are sent and received within minutes! Because there is no centralized point of authority – transactions occur directly between users without any intermediary. That allows people to send money from one country or region to another. There’s no bank that will delay the process or try to stop it for some reason!
Non Traceable Currency
The whole Bitcoin system is designed in a manner that all transactions that take place over a certain period of time are listed and publicly noted. However, details such as names or account numbers are never revealed. This means that nobody will ever know how much you have saved in your wallet!
No Physical Wallet Required
Using Bitcoin software you don’t need any paper wallets to store your coins. All you need is a digital wallet stored on your computer or mobile device. It provides for much greater security than the traditional paper wallets that can easily be misplaced, damaged or stolen!
Decentralized Currency
The bitcoin currency and payment system cannot be manipulated by governments and banks because there is not central authority controlling it. This means that no artificial inflation will destroy its value and your savings!
No Taxes Required
Since we are dealing with a decentralized currency we won’t have to pay any taxes in order to use it which means even more money in our pockets. We should never let our government interfere with our finances like this! There’s still hope for us to live in a free world.
Easier to Carry Around
Using Bitcoins is not any different from carrying around change in your pocket! It can be carried anywhere and everywhere, unlike gold or other valuables which need to be transported safely from one place to another. How convenient is that?
Final Words
Bitcoin can empower people like us to take control over our finance and has the potential to change the whole world. This is not a utopia! It’s already happening right in front of our eyes, but we need to start using it sooner rather than later.
