Although “Bitcoin” is a very common term, few people really know what it is. Although it is a trading system, it differs most from other systems for two main reasons. First, it involves 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 official financial institutions. It is just an independent and irresponsible peer-to-peer system. Here are some of the most important recent Bitcoin news and highlights:
Anonymity-If you want to conduct simple transactions without using personal identity and bank account details, Bitcoin will make it possible. Unless you choose otherwise, all executed transactions are anonymous and cannot be traced back to you. For each transaction, a unique address will be created, and it will never be repeated.
Recipient’s privileges-unlike most other forms of transactions, Bitcoin is irreversible and once you make a payment, you cannot cancel the payment. If the transaction must be cancelled, the consignee’s consent must be obtained. And, unlike other financial transactions that are processed almost immediately, the transaction takes about 10 minutes to complete.
Buying luxury goods-One of the main reasons for the popularity of Bitcoin is that they are very suitable for buying foreign luxury goods. These are the heavy taxes imposed by the governments of these countries, and the final cost becomes very high. Since Bitcoin does not involve any government agency, you need to pay zero taxes. Coupled with the already very low transaction costs, this makes it an ideal choice for purchasing items from abroad.
Mobile Wallet-One of the most popular Bitcoin news is the introduction of a mobile version in addition to the computer version. This means that you can install an application on your smartphone and manage your bitcoins through the application. It also allows you to easily exchange coins into U.S. dollars at any time.
Acceptance is limited-despite the increasing use of Bitcoin, you must check whether they are accepted in the store where you want to use them. There are still many places that do not accept them as valid and usable forms of currency. However, as digital currencies easily become more and more popular, this situation is expected to change soon.