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What Are the Advantages of Using Bitcoin Currency System?

Bitcoin is a new currency system in the digital age. Users can enjoy many benefits or advantages by using Bitcoin currency system. In this article, we will mainly talk about what benefits or advantages users can enjoy by using Bitcoin cyptocurrency system.

Brief Introduction to Bitcoin Digital Currency.

Bitcoin is not only a digital currency used widely all around the world, but also a convenient digital payment system that is now supported by a lot of vendors in many countries. It is called a decentralized cryptocurrency, which means there is no single administrator to manage and control the distribution of the currency. For example, in China the People’s Bank of China is not only the central bank in the financial system of China, but also regarded as an agency of the administration. It controls the circulation of RMB on the globe. It is a peer-to-peer payment system and there is no intermediary between users when they are dealing with each other. The users can transact directly and the transactions are verified by network nodes.


What Are the Advantages of Using Bitcoin Currency System?

No Risk of Being Seized.
The Government and Any Other Third-Party Can’t Seize Bitcoins.It is impossible for anyone to seize bitcoins since there are multiple redundant copies of the transactions database. Except that you are forced to send the bitcoins to others, no one can seize your bitcoins by any means. The government can’t freeze your assets in Bitcoin without your consent and cooperation. It is not exaggerated to say to that Bitcoin cryptocurrency system allows you the most freedom to do anything with your assets.

No Worry of Being Tracked.

Bitcoin cryptocurrency systems can better protect your privacy compared to the conventional currency systems. It is possible for others to gain access the details of your personal financial information if they want. In some cases, the criminals can access such data exactly as how much dollars do you have in your bank account, which bank you are using to deal with your financial issues, and the credentials of your bank account, etc.. That is one of the important reasons why there are so many identity theft crimes and financial frauds in the real world. Your personal financial data is taken advantage by criminals to cheat your money. But it is a different case if you use Bitcoin cryptocurrency systems to handle your financial transactions. Nobody can trace deals back to your wallet addresses only if you expose them voluntarily to the public. If you wallet has been exposed and you ware worry about being traced, it is easy for you to apply for a new wallet address.

No Taxes.
For deals handled within other currency systems instead of Bitcoin digital currency, it is easy for the government to intercept the transactions and impose taxes on them. But for deals of Bitcoins, it is all up to you whether to pay the taxes or not. Someone may be willing to send a percentage of the amount involved in the transaction. Others may think it as a good way to maximize profits.

Low Transaction Costs.

It is needed to keep running the Bitcoin client and ensure its connections to other nodes to send and receive Bitcoins. But by using bitcoins, the burden of the authorizing transactions will be shared among users, which will significantly cut down the transaction costs to the most degree.
In some cases, the costs can be overlooked or ignored.

No Risk of Being Reversed.
Bitcoin currency system is an irreversible cryptocurrency. Once Bitcoins have been sent, it is impossible for the users to reverse the transactions even if the transactions are found unreasonable or illegal since the ownership address of Bitcoins have been altered and only the new owner who has the associated private key can make alternations to ownership of the coins. So it is a good way to use Bitcoins to avoid the risk of “charge-backs” . That is why hackers likes to select Bitcoins as one of the payment methods to collect ransoms in many cases of cyber frauds.

If you have any question regarding Bitcoin Core, please live chat with YooCare online expert for help.

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Published by Sarah Poehler, last updated on September 4, 2017 6:53 pm | Bitcoin

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