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Benefits of Using Bitcoins Have you ever heard of bitcoin? You have probably heard of it somewhere, but don’t really know what it is and how to use it. Its simple definition is that it is a digital currency system which one can use in online transactions. You can call it virtual currency since it can be used as a unit of exchange in the virtual world. Bitcoins can be used for online transactions and payment processing carried out in computer networks connected by a shared program. It took complex mathematical algorithms to create bitcoins and to buy one, you can use standard national money currency. You can access our bitcoins with your smartphones or computers. You have more advantages when you use the bitcoin as a growing virtual currency over conventional national currencies. Here are some of the benefits of using bitcoins.
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Using conventional currencies for your online transactions necessarily generates tax payments to the government. Tax rates are designated for every item. Taxes are not added to your purchase when you use bitcoins to pay.
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So, if you are purchasing luxury items that are exclusive to a foreign country and you use bitcoins, you practically pay zero taxes. Government usually tax these items heavily. If you wish to buy bitcoins, you can buy them from anywhere there is internet connection to use in your online purchases. You don’t need to go to a bank to purchase coins, since everything can be done online. There is no need to fill details about your personal information if you make payments using bitcoins. It is simple to process a bitcoin transaction than those using credit cards or through US banks. Standard wire transfers and international purchases normally incur fees and exchange costs. Since there are no agencies monitoring bitcoin transactions, they have very low transaction costs compared to using conventional currencies. And since there are no complications of typical authorization requirements and waiting periods, bitcoin transactions are very fast. When you use bitcoin in your online transaction, you have the option of user anonymity. Bitcoin purchase and similar to cash purchases which cannot be traced back to you or is not connected with your personal identity. As a matter of fact, the bitcoin address that is created for user purchases is never the same for two different transactions. You can either keep your identity secret or you can voluntarily reveal and publish your bitcoin transaction. There are no third party interruptions with bitcoin transactions. Your transaction cannot be disrupted by government, banks or any financial institutions and they cannot freeze any bitcoin account. Bitcoin is strictly peer to peer. With bitcoin purchase users enjoy more liberty than when using conventional national currencies.