Bitcois are a type of cryptocurrencies that allow its users to process transactions through digital units. Some of the advantages of using them are given below:
- Anonymity – Bitcoin transactions are made secretly and no on knows the identity of a user unless, he voluntarily publishes his name. The purchases done are not associated with their identity but only their public key are known to general public and it can be changed on regular basis.
- No third party – Another important benefit of paying with these cryptocurrencies is there will be no involvement of third party likes governments and banks to interrupt the transactions of bitcoin users and it is purely peer to peer. Therefore, people could enjoy more freedom than normal physical currencies.
- No Taxes – One of the most essential benefits of using bitcoins for payments is that you do not need to pay amount separately for taxes. This is because there is no involvement of third parties like financial intermediaries. Thus you can save your tax money.
- Less Transaction Fee – Because bitcoin price transactions do not have any third party or government involvement, the cost needed for transactions is extremely low. This is more effective for travelers who do foreign purchases and do not need to pay more as they pay via bitcoins.
- Mobile Payments – Bitcoin users can pay from anywhere with the help of internet connection. They can transfer these cryptocurrencies using a digital wallet and for that you need to install an application in your device.