Maybe you’ve heard people talk about Bitcoin and wondered how the cryptocurrency would benefit you individually. Essentially, some experts tout Bitcoin as a technological breakthrough in the world of finances.
So far, many individuals have used Bitcoin as digital value storage and exchange medium. Compared to fiat currencies that come in physical coins and notes, Bitcoin exists electronically. That means you can’t store this virtual currency in your physical wallet.
The virtual existence of Bitcoin eliminates the physical cash problems. For instance, you don’t have to haul or carry a vast Bitcoin amount when planning to complete a financial transaction. Instead, you conduct transactions electronically, and a public ledger records the details.
By allowing every peer in the network to access transaction records, Bitcoin enhances transparency.
What’s more, Bitcoin transactions are instant. Thus, you won’t wait for any authority to approve the transaction to complete it.
Perhaps, you’re wondering, how does all this benefit me? Well, accepting Bitcoin will help you in the following ways.
● If you work in the cryptocurrency sector, you can receive lucrative payments due to the high Bitcoin value.
● If you are a regular person that can handle a risky investment, you might reap massive returns after holding onto your Bitcoins for some years.
● As a vendor, taking Bitcoin payments will enable you to trade with people in more markets, increasing your revenues.
● You can trade Bitcoin on platforms like the News Spy Trading site for profits. Also called crypto exchanges, these platforms allow you to purchase and sell Bitcoin with fiat currencies.
At the society level, Bitcoin benefits communities by bringing tax revenue. When people earn more income, they pay taxes to IRS, and this brings about social safety nets, better kids’ programs, and improved roads in the community.
Low Transaction Costs
When transacting with Bitcoin, you pay relatively low fees than when using traditional cash. Low transaction costs, especially international funds transfer, explain why many people send remittances with this virtual currency.
What’s more, Bitcoin transactions are faster because they don’t involve intermediaries. Thus, Bitcoin is an ideal option when a person wants to send funds faster. Additionally, you can use this virtual currency to purchase something online, especially when it’s unavailable in your local market, without paying extra fees. Essentially, Bitcoin remains the same wherever you go.
Personal Information Safety
Nobody will ask you about your name, email address, or any personally identifying information when paying with Bitcoin. They only need a QR code or a public key to send funds to your Bitcoin wallet. That means you don’t expose personal data when paying with Bitcoin.
For instance, you can buy something, and your spouse won’t know. And this is beneficial when purchasing something like a surprise birthday gift. If you use a credit card, your monthly statement will reveal personal data.
Some people think that using Bitcoin makes them anonymous. However, somebody can trace your Bitcoin address on the blockchain. Nevertheless, the person trying to trace you won’t know who you exchange Bitcoins with even when they get your address. Thus, Bitcoin provides a security layer that you can’t get with fiat money.
In addition to these benefits, you can also strike it rich when using Bitcoin. If you’re a patient investor willing to put some money away for some time, you can invest in this virtual currency. Essentially, some investors buy and hold onto their Bitcoins, hoping that this cryptocurrency’s value will increase. So far, investors that purchased this digital currency and held onto their coins some years back sold it later at higher prices, making significant returns from their investments. Nevertheless, you must monitor the market continuously and research the crypto industry to determine the right time to sell your crypto holdings.