While ‘bitcoin’ is a commonly heard term, few know what it is. While this is a trading system, it is the most different from the rest for two major reasons. For one, it involves a form of digital currency that is easily transferable. What makes it even more unique, however, is the fact that it does not involve any banks or other official financial institutions. It is purely a peer-to-peer system that is independent and unaccountable. The following are some of the most important recent bitcoin news and highlights:
Anonymity – If you want to make simple transactions without using your personal identity and bank account details, this is made possible with bitcoins. All transactions made are anonymous, unless you choose otherwise, and cannot be traced back to you. For each transaction, an address is created that is unique and cannot be repeated.
Receiver privileges – Unlike most other forms of trading, bitcoins are irreversible and you cannot cancel a payment once you have sent it. If you need to reverse the transaction, you need the receiver’s permission. Also, transactions take 10 minutes to complete, unlike other financial transactions that are processed almost instantly.
Buying luxury goods – One of the main reasons that bitcoins have become popular is the fact that they are good for buying foreign luxury goods. These are heavy taxes on the governments of these countries, and the final cost will be very high. Since bitcoins do not involve any government institution, there is zero tax that you have to pay. This, along with the already low transaction costs, makes it ideal to use it to buy goods from foreign countries.
Mobile wallet – Among the most popular bitcoin news is the fact that there is a mobile version introduced in addition to a computer version. This means that you can install an application on your smartphone, and manage your bitcoins through it. It also makes it easy 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 many places that do not accept it as a valid, usable form of money. However, this is expected to change soon, with digital currency quickly becoming more popular.