Cryptocurrencies are something everybody is talking about as a new and revolutionary way of conducting financial operations. With Bitcoin leading the cryptocurrency market, cryptocurrencies are considered to be the future of the world’s financial market and the first independent and completely transparent currencies in the world.
Bitcoin was the first ever currency that was invented in 2009 by a bunch of programmers whose names remain a mystery. It functions exclusively online and uses the blockchain technology as its basis for functioning. In simple words, blockchain technology encrypts every action made with the file in the file’s code itself, creating a sort of file code “chain DNA”, and nobody can ever erase or change any bit of this “record-keeping” system. This, of course, provides a number of advantages.
So, what is great about using Bitcoin?
⦁ Possibility of anonymous payments. For every transaction, the Bitcoin program generates a new code that changes each time for a certain Bitcoin. In this way, nobody will ever know which Bitcoin you used and for what purposes. Much like the case with cash, its origins are untraceable.
⦁ Safety. Blockchain technology ensures Bitcoin cannot be stolen or hacked into, and thus you may stay assured your money is with you at all times. If you are interested in safe ways of earning extra cash to buy Bitcoins, click for no deposit casinos here.
⦁ Bitcoin is independent. Bitcoin functions exclusively from user to user, which makes it impossible for third parties like banks, governments and international financial institutions to control its exchange rate. It is also immune to common potentially disruptive factors like crises, decreasing oil prices or national economy stagnation.
⦁ No taxation. Bitcoin is not a national or international currency, and nobody owns it. This means that there is no central government body that can impose taxes on it.
⦁ Transparency. Every Bitcoin’s code keeps all of the information about where and how it was used. The information encrypted at each transaction ensures that Bitcoins cannot be forged.
⦁ Comfortable to use as a payment method. Paying with Bitcoins is a lot easier than with credit cards, as it does not require you to enter personal information or credit card details. Another bonus is that Bitcoin enjoys very low transaction fees, because there is no central governing body that controls it.
Most of Bitcoin’s advantages exist thanks to the blockchain technology. However, it should also be noted that Bitcoin is the most widespread cryptocurrency to date, given the fact that it was the first one. It means that more establishments will accept Bitcoin payments than payments with other cryptocurrencies for now. The stability and trustworthiness of a cryptocurrency depend exclusively on the number of its users and how widespread it is. In this regard, Bitcoin undoubtedly occupies leader positions.
With all Bitcoin has to offer, it is sure to become the most widespread payment currency with time, ensuring more trust and transparency in payments across the world.
TheBitcoinNews.com – Bitcoin News source since June 2011 –
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