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What You Need to Know About Bitcoin

There is a lot of talk about cryptocurrency today. If you have not heard about this, then you need to learn more about it. Cryptocurrency is a flexible mode of currency which operates differently from the coins and notes that most people use today. Most people may not know this but there are so many advantages of using cryptocurrency. Bitcoin happens to be one of the most common ones. There is a lot of information that you can get about Bitcoin. The following are some of the things you need to know.

Guaranteed User Anonymity
One of the reasons people love Bitcoin so much is because of its anonymous feature. For a long time if you wanted to send cash you needed to have an identity. You need to provide some kind of identification when using different types of payment platforms be it banks or even mobiles phones. For instance, if you are going to send money via the bank, you have to have your own bank account. To open one of these one needs to provide the bank with details of who they are. This is not a necessity when you want to use Bitcoin. You can buy things with Bitcoin the same way you buy them with cash. The transaction ID changes each time. In addition to that, it cannot be traced back to the buyer.

Third Parties are Eliminated
Another reason why Bitcoin has become so famous is that it takes away the third-party element. These third-party interruptions come from institutions such as the government and banks too. Banks and governments have often made it hard for users to send and sometimes receive money. Nevertheless, Bitcoin makes it hard for any of these parties to put a ban or close an account. In fact, any kind of external interference is impossible.

No Taxes Imposed on Purchases
This is something very many people are happy about. If you have used your money to buy anything, then you know about the taxes imposed on the things you buy. You can feel at liberty when buying things with Bitcoin since there is no interference from other parties. Considering there is no sales tax on what you buy, you get to enjoy more of your hard-earned cash.

Low Transaction Fees
If you have ever sent money to anyone you know about transaction fees. Sometimes financial institutions will charge you even for receiving money depending on where you are and which service you subscribe to. However, Bitcoin has made it possible for people to do business online without having to worry about the huge transaction fees. This has added to its popularity.

Payments Made Using Mobile
To conclude, mobile payments can be made with Bitcoin since it is net-based. You can forget about having to go to the bank once you start using it.

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