While ‘bitcoin’ is a commonly heard term, very few know what it is. While it is a trading system, it is the most different from the others for two major reasons. For one, it includes a form of digital currency that is easily transferable. What makes it even more unique, however, is the fact that it does not involve any banks or other official financial institutions. It is just a peer-to-peer system that is independent and not accountable. The following are some of the most important recent bitcoin news and highlights:
Anonymity – If you want to make simple transactions without using your personal identity and bank account details, bitcoins make this possible. All transactions made are anonymous, unless you choose not to, and cannot be tracked back to you. For each transaction, there is an address that is created unique and cannot be repeated.
Recipient privileges – Unlike most other forms of trading, bitcoins are non -convertible and you cannot cancel a payment if you send them. If you need to reverse the transaction, you will need the consent of the recipient. Also, transactions take up to 10 minutes to complete, unlike other financial transactions that are processed almost immediately.
Buying and luxury items – One of the main reasons that bitcoins have become popular is the fact that they are great for buying foreign luxury items. These are heavy taxes on the governments of these countries, and the final cost can be very high. Since bitcoins do not belong to any government institution, there are zero taxes you have to pay. This, along with the low transaction cost, makes it ideal to use it to purchase goods from foreign countries.
Mobile wallet – Among the most popular bitcoin news is the fact that there is a mobile version introduced in addition to a computer version. This means you can install an application on your smartphone, and manage your bitcoins through it. It also makes it easy to exchange your coins for dollars anytime you want.
Limited acceptance – Despite the growing use of bitcoins, you need to check if they are accepted or not at the store where you want to use them. There are still many places that do not accept it as a valid, usable form of money. However, this is expected to change soon, with digital currency quickly becoming more popular.