While bitcoin is a very common term, few really know what it is. Although it is a trading system, it is different from the others for two main reasons. First, it involves a form of digital currency that can be easily transferred. What makes it more unique, however, is the fact that it does not involve banks or other official financial institutions. It is simply a system of partners that is independent and accountable. Here are some of the most important recent news and highlights:
Anonymity – If you want to make simple transactions without using your identity and bank account details, bitcoins make it possible. All transactions that take place are anonymous, unless you choose otherwise, and cannot be traced to you. An address is created for each transaction that is unique and will never be repeated.
Recipient Privileges – Unlike most other forms of trading, bitcoins are irreversible and you cannot cancel a payment once you have sent it. If you need to cancel the transaction, you will need the consent of the recipient. In addition, transactions take about 10 minutes, unlike other financial transactions, which are processed almost immediately.
Buying Luxury Items – One of the main reasons bitcoins are becoming popular is the fact that they are ideal for buying foreign luxury items. These are the ones who are heavily taxed by the governments of these countries and the final costs become very high. Since bitcoins do not include any government institution, there are zero taxes that you have to pay. This, along with the already minimal transaction costs, makes it ideal to use to buy items from foreign countries.
Mobile wallet – Among the most popular bitcoin news was the fact that in addition to the computer version, a mobile version was introduced. This means that you can install an application on your smartphone and manage your bitcoins through it. It also makes it easy to exchange coins for dollars anytime you want.
Limited acceptance – Despite the growing use of bitcoins, you need to make sure they are accepted at the store where you want to use them. There are still a few places that do not accept them as a valid, usable form of currency. However, this is expected to change soon, as the digital currency will easily become increasingly popular.