5 Merits of Bitcoins That You Didn’t Know
Most people have heard of the term Bitcoin but don’t have a clear idea of what it really is. Simply defined, Bitcoin is a decentralized, peer to peer, digital currency system, designed to give online users the ability to process transactions via digital unit of exchange known as Bitcoins. In other words, it is a virtual currency.
The Bitcoin system was created in the year 2009 by an undisclosed programmer(s). Since then, Bitcoin has garnered huge attention as well as controversy as an alternative to US dollar, Euros and commodity currencies such as gold and silver.
A private network of computers connected by a shared program is used to carry out transactions and process payments in Bitcoin. The creation of Bitcoins are based on increasingly complex mathematical algorithms and its purchase is made with standard national money currencies. Users of Bitcoin can access their coins with their smart phones or computers.
As a new and growing virtual currency, Bitcoin has certain distinct advantages over the conventional government flat currencies. Here are 5 benefits that you will enjoy when using Bitcoin
1) No Taxation
When you make purchases via dollars, euros or any other government flat currency, you have to pay an addition sum of money to the government as tax. Every purchasable item has its own designated tax rate. However, when you’re making a purchase through Bitcoin, sales taxes are not added to your purchase. This is deemed as a legal form of tax evasion and is one of the … Read more