Although “bitcoin” is a term heard a lot, there are few who actually know what it is. Although it is a commercial system, it is the most different from the others for two main reasons. On the one hand, it involves a form of digital currency that can be easily transferred. What makes it more unique, however, is the fact that it does not involve any banks or other official financial institutions. It is simply a peer-to-peer system that is independent and incomprehensible. Here are some of the most recent bitcoin news and highlights:
Anonymity: If you want to perform simple transactions without using your personal identity and bank account details, bitcoins make it possible. All transactions made are anonymous, unless you decide otherwise, and cannot be tracked. For each transaction, there is an address created that is unique and will never be repeated.
Receiver Privileges: Unlike most other forms of commerce, bitcoins are irreversible and you cannot cancel a payment once you have sent it. If you need to reverse the transaction, you will need the receiver’s consent. Also, transactions take about 10 minutes to complete, unlike other financial transactions that are processed almost immediately.
Buying luxury items: One of the main reasons why bitcoins became popular was the fact that they are ideal for buying foreign luxury items. These are the ones that are heavily taxed by the governments of these countries, and the final cost becomes very high. Since bitcoins do not involve any government institutions, there are zero taxes that you have to pay. This, along with the already minimal transaction cost, makes it ideal to use them to buy items from foreign countries.
Mobile wallet: Among the most popular bitcoin news was the introduction of a mobile version in addition to a desktop version. This means you can install an app on your smartphone and manage your bitcoins through it. It also makes it easier to exchange your coins for dollars anytime you want.
Limited Acceptance – Despite the growing use of bitcoins, you should check whether or not they are accepted at the store where you want to use them. There are still several places that do not accept them as a valid and usable form of currency. However, this is expected to change soon, with digital currency becoming more and more popular.