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What are Bitcoins and What are Its Benefits? Have you ever wondered what bitcoin is? Perhaps you have already heard the term but are not sure what to use it for. We define bitcoin as a type of digital currency system used for online transactions. You can call it virtual currency since it can be used as a unit of exchange in the virtual world. Computer networks connected by a shared program can carry out bitcoin transactions and payment processing. It took complex mathematical algorithms to create bitcoins and to buy one, you can use standard national money currency. Bitcoins can easily be accessed through your smart phone or computer. You have more advantages when you use the bitcoin as a growing virtual currency over conventional national currencies. Below are some of these benefits.
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Tax charges are generated every time you have online transactions using conventional currencies . Tax rates are designated for every item. Taxes are not added to your purchase when you use bitcoins to pay.
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Luxury items that are exclusive to a foreign country which you are purchasing with bitcoins will practically have no tax charges. Government usually tax these items heavily. Since bitcoins are used to pay items online, you can use it to pay for your coins from any part of the world that has internet connection. You don’t need to go to a bank to purchase coins, since everything can be done online. If you make payments using bitcoins, you do not need to fill in details about your personal information. It is simple to process a bitcoin transaction than those using credit cards or through US banks. When you use standard wire transfer or make international purchase, you usually incur fees and exchange costs. Since there are no agencies monitoring bitcoin transactions, they have very low transaction costs compared to using conventional currencies. Using bitcoins involve very fast transactions with no need to authorizations or waiting periods. When you use bitcoin in your online transaction, you have the option of user anonymity. Bitcoin can be compared to cash only purchases in that sense that your transaction can never be tracked back to you and these purchases are never 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. But it is your option whether you want to reveal and publish your bitcoin transactions or not. Use of bitcoin eliminates third party interruptions. This means that no government, bank and other financial institutions has authority to disrupt user transactions or freeze a bitcoin account. Bitcoin is strictly peer to peer. Users of bitcoin enjoy greater liberty when making purchase than they do with using conventional national currencies.