While “bitcoin” is a term that is heard very often, there are few who really know what it is. While it is a bargaining system, it is the most different from the others for two main reasons. On the one hand, it involves a form of digital currency that can be easily transferred. What makes it more unique, however, is that it does not involve any bank or any other official financial institution. It is just a peer-to-peer system that is independent and inexplicable. Here are some of the recent news and highlights of Bitcoin:
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 decide otherwise, and cannot be tracked. For each transaction, a unique address is created and will never be repeated.
Recipient Privilege: Unlike most other forms of trading, bitcoins are irreversible and you cannot cancel a payment once you have submitted it. If you need to reverse the transaction, you will need the consent of the recipient. In addition, transactions take about 10 minutes to complete, unlike other financial transactions that are processed almost immediately.
Buying Luxury Items: One of the main reasons why 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. Because bitcoins do not involve any government institution, there are no taxes you will have to pay. This, along with the already minimal transaction cost, makes it ideal to use them to buy items from foreign countries.
Mobile wallet: Among the most popular bitcoin news was the fact that there was a mobile version introduced in addition to a computer version. This means you can install an app on your smartphone and manage your bitcoins through it. It also makes it easy to change currencies for dollars anytime you want.
Limited acceptance: Despite the growing use of bitcoins, you need to check whether or not they are accepted at the store where you want to use them. There are still several sites that do not accept them as a valid and usable form of currency. However, this is expected to change soon, with the digital currency becoming easier.