Although ‘Bitcoin’ is a very common term, few people know what it really is. Although it is a trading system, it is the most different from the others for two main reasons. First, it involves an easily transferable form of digital currency. What makes it more unique, however, is that no banks or other formal financial institutions are involved. It is simply an independent and unaccountable peer system. Below are the most important bitcoin news and highlights:
Anonymity – If you want to perform simple transactions without using your personal identity and bank account information, bitcoins make it possible. Unless you choose otherwise, all transactions are anonymous and cannot be traced back to you. An address is created for each transaction, which is unique and will never be duplicated.
Buyer’s Privileges – Unlike other forms of trading, bitcoins are irreversible and you cannot cancel a payment once you have sent it. If you need to reverse the transaction, you will need the buyer’s consent. Also, transactions take about 10 minutes to complete, unlike other financial transactions that are processed almost instantly.
Buying luxury items – One of the main reasons why Bitcoins became popular was that they were ideal for buying foreign luxury items. These are heavily taxed by the governments of these countries and the final costs are very high. There are zero taxes that you have to pay because there is no government agency involved in Bitcoins. This makes it ideal to use them for purchasing items from foreign countries, along with the already minimal transaction costs.
Mobile wallet – Among the most popular bitcoin news was the fact that a mobile version was introduced in addition to the desktop version. This means you can install an app on your smartphone and manage your bitcoins through it. It also makes it easy to exchange your coins for dollars whenever you want.
Limited acceptance – Despite the increasing use of Bitcoins, you should check if the store where you want to use them accepts them. There are still a few places that don’t accept them as a valid, usable form of currency. However, this is expected to change soon, with digital currency easily becoming more popular.