Although the term “bitcoin” is heard very often, few people really know what it is. Although this is a trading system, it is most different from the others for two main reasons. On the one hand, it is a digital currency that can be easily transferred. However, what makes it more unique is the fact that it does not involve any banks or other formal financial institutions. It is only a peer-to-peer system, independent and unaccountable. Below are some of the most important recent Bitcoin news and highlights:
Anonymity – If you want to make simple transactions without using your personal identity or bank account details, Bitcoin makes it possible. All transactions made are anonymous unless you choose otherwise and cannot be traced back to you. A unique address is created for each transaction that will never be repeated.
Recipient Privileges – Unlike most other forms of commerce, Bitcoins are irreversible and you cannot reverse a payment once it has been sent. If you must reverse a transaction, you will need the recipient’s consent. In addition, transactions take about 10 minutes, unlike other financial transactions that are processed almost immediately.
Purchase of luxury goods – One of the main reasons why Bitcoin became popular was the fact that it is perfect for buying foreign luxury goods. These are the ones that are heavily taxed by the governments of these countries and the final cost becomes very high. Since no government agencies are involved in bitcoins, you don’t have to pay taxes. This, along with the already minimal transaction cost, makes them ideal for buying goods from overseas.
Mobile Wallet – One of 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 the app on your smartphone and manage your bitcoins through it. It also makes it easy to exchange your coins for dollars at any time.
Limited Acceptance – Although the use of Bitcoins is on the rise, you should check if the store you want to use them accepts them. There are still a few places that do not accept them as a valid form of currency. However, this is expected to change soon and digital currency will soon become more and more popular.