Although & # 39; bitcoin & # 39; is a very common term, few people really know what it is. Although it is a commercial system, it is the most different from the others for two main reasons. On the one hand, it is a form of digital currency that can be easily transferred. What makes it more unique, however, is the fact that it does not involve any bank or other official financial institution. It is simply an independent, non-accountable peer-to-peer system. Here are some of the most important news and highlights of Bitcoin:
Anonymity – If you want to make simple transactions without using your personal identity or bank details, bitcoins allow it. All transactions are anonymous unless you decide otherwise and can not be traced. For each transaction, a created address is unique and will never be repeated.
Recipient Privileges: Unlike most other types of interchange, bitcoins are irreversible and you can not cancel a payment once you have sent it. If you have to cancel the transaction, you will need the recipient's consent. In addition, transactions take about 10 minutes, unlike other financial transactions that are processed almost immediately.
Buying Luxury Goods – One of the main reasons why bitcoins have become popular is the fact that they are ideal for buying foreign luxury goods. These are the ones heavily taxed by the governments of these countries and the final cost becomes very high. Bitcoins do not involve any government institution, so you pay no taxes. This, along with the already minimal transaction cost, makes it ideal for using them to buy items from foreign countries.
Mobile Wallet – Among the most popular news about Bitcoin, let us mention the fact that a mobile version has been introduced in addition to a computer version. This means that you can install an application on your smartphone and manage your bitcoins via this one. This also facilitates the exchange of your coins for dollars at any time.
Limited Acceptance – Despite the increasing use of bitcoins, you must check whether they are accepted or not in the store where you want to use them. There are still several places that do not accept them as a valid and usable form of currency. However, this should change soon as digital currency becomes more and more popular.