Cryptocurrency is a virtual currency used as a medium of exchange between parties, just like regular currencies. Traditional currency is physical and is under the control of the national government and the respective reserve banks. This is not the case of cryptocurrency. It is a decentralized mode of exchange, which is not under the control of anybody.
Bitcoin is one of the most common cryptocurrency. It is also known as the original cryptocurrency. Bitcoin allows a transparent and encrypted P2P transaction within a secured blockchain, which is afterward decrypted by the owner using a ‘private key.’ No central figure/authorities control the transaction of bitcoins, keeping their anonymity buoyant.
Therefore, this decentralization of cryptocurrencies is the most significant advantage. It relieves citizens from high tax payment and interests. It also gives them a chance to enjoy privacy.
So, what are the benefits of using bitcoin and cryptocurrency?
Low or no taxes:
Since bitcoins are not under any control of any authorities, nobody can implement taxes when a transaction is carried out, because only the parties know the whereabouts of the transaction.
No transaction costs:
Trading and transaction of traditional currency, without paying fees, are unacceptable all over the world. Nations have set parameters on how should an individual or citizen must abide by the rules of exchanging the money. They are highly charged by the governments (banks) of both nations for their foreign transactions and currency conversion. However, this is not a problem in the case of cryptocurrency transactions where you do not have to pay exorbitant sums.
Unless a user personally speaks about it, nobody knows whether a bitcoin transaction is being carried out. This is not is the case of a regular transaction, where the customer is using physical currency, which can be snatched away by pick-pocketer.
Only you have the power:
Cryptocurrency, unlike Fiat currency, has no upper hand of the national ruling government or its associates. Therefore, only you can access your currencies no matter what, and all you need is your identification and private keys.
A chargeback is the return of money to the payer, by the merchant, or any other organization. The organization has access to the merchant’s bank accounts. But in case of bitcoin transactions, once payment has been initiated or finalized, there are no refunds. So, if you are a genuine merchant, then you do not have to worry about chargebacks.
Bitcoin is available to anyone with a digital mode of payment. There is no need for any physical banks, credit cards, etc. Bitcoin is available on e-wallet.
Nobody can track your transaction:
Since your wallet address is not in the hands of a third-party, they cannot track your transaction. Therefore, even if you are paying people internationally, no fees or taxes can be charged or imposed.
Last but not least,
This advantage is the summed-up of all other advantages. Nobody has the right to question your transaction or put you behind bars for no reason. You do not have to explain anything to anyone. And you have control over what your money is being spent. You have control over where your money is being spent.
Virtual currency is a new way to life. Get your hands on it now.