In the world of digital currency, the latest buzz word is the bitcoin. It is nothing nut a virtual currency just like any other digital currency.
Few benefits of using bitcoin that makes it to be the best cryptocurrency-
• Bitcoin is suburbanized and digital-
People get the liberty to exchange values without any intermediaries with bitcoins that translates to great control of lower fees and funds. It’s immutable, cheap and secured. Bitcoins have owners unlike banks where cash is controlled.
• Online shopping becomes easy-
Online shopping is just not a trend but it has become a life now. Bitcoin helps us to do online shopping. It is just like an e-wallet which is formed by blockchain technology to spend, track and store virtual money.
• Less volatile-
Bitcoins made transactions easier to conduct across the boundaries and online and due to this feature it has a global acceptance that makes it less volatile than the local currency.
• Keeping tracks-
The blockchain technology is the underlying technology behind bitcoin that either creates it or breaks it. Cryptographic techniques are used in the distributed network to form a permanent and public record of each bitcoin transaction that occurs. Besides tracking payment the records are much more valuable than various things. And on the other hand there is no real way of tracking cash.
• Investment tool-
Without any conversion process bitcoin can be used all over the world. It combines the best of gold and cash providing in an open market at the same time where no restrictions are imposed by governments or any banks.
• Open but secure and non-friction-
Bitcons are secured and private and open at the same time since it allows exchanging value over the internet and also allows users to access to their balance without any intermediary but through a password called private key.
• Duplicacy? Forget it!
Cash in hand but not bitcoins. There is no possible way of duplicating bitcoins unlike cash.
• Unlimited transactions-
No exchange values, neither boundaries to crptocurrency or bitcoins nor even any third party interventions, because bitcoins allows consistent transactions across the world with records getting maintained at the back terminals.
• Maintaining records for tax purposes-
Bitcoins help in keeping records simple and healthy especially for tax purposes, since two people can’t transact on the same value because once transferred the ownership of bitcoin is also transferred.
• No reverse transaction-
The digital currency method is the only payment method where there is no reversal, once a payment is done that’s it. This actually helps you not to stand to lose a lot of seller.
