Although ‘bitcoin’ is a very common term, few really know what it is. Although it is a trading system, it is the most different from the others for two main reasons. For one, it implies a form of digital currency that can be easily transferred. However, what makes it more unique is the fact that it does not involve any official bank or other financial institution. It is simply a peer-to-peer system that is independent and irresponsible. The following are some of the recent bitcoin news and highlights:
Anonymity – If you want to make simple transactions without using your personal identity and bank account details, bitcoins make it possible. All transactions that take place are anonymous, unless you choose otherwise, and cannot be traced back to you. For each transaction, an address is 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 must reverse the transaction, you will need the recipient’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 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 institution, there are no taxes you have to pay. This, along with the already minimal transaction cost, makes it ideal for using them to purchase items from foreign countries.
Mobile Wallet – Among the most popular bitcoin news is the fact that a mobile version was introduced in addition to a desktop version. This means that 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 increasing 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 as the digital currency becomes more and more popular.