While ‘bitcoin’ is a very commonly heard term, there are few who really know what it is. While it is a trading system, it is the most different from others for two major reasons. For one, it involves a form of digital currency that can be transferred easily. What makes it more unique, however, is the fact that it does not involve any banks or other official financial institutions. It is merely a peer-to-peer system that is independent and unaccountable. Following are some of the most important recent bitcoin news and highlights:
Anonymity – If you want to carry out simple transactions without using your personal identity and bank account details, bitcoins make it possible. All transactions that are carried out are anonymous, unless you choose otherwise, and cannot be tracked back to you. For every transaction, there is an address created that is unique and will never be repeated.
Receiver’s privileges – Unlike most other forms of trading, bitcoins are irreversible and you cannot cancel a payment once you have sent it. If you must reverse the transaction, you will need the receiver’s consent. Also, the transactions take about 10 minutes to complete, unlike other financial transactions that are processed almost immediately.
Purchasing luxury items – One of the major reasons bitcoins became popular was the fact that they are ideal for purchasing 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 governmental institution, there are zero taxes that you have to pay. This, along with the already minimal transaction cost, makes it ideal to use them to purchase 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 that you can install an application on your smartphone, and manage your bitcoins through it. It also makes it easier to exchange your coins for dollars at any time you like.
Limited acceptance – Despite the growing use of bitcoins, you must check whether or not they are accepted at the store you want to use them at. There are still several places that do not accept them as a valid, usable form of currency. However, this is expected to change soon, with digital currency readily becoming more popular.