Bitcoin is
basically a cryptocurrency and a payment system that is accepted worldwide. The
transactions take place directly between the users without any mediator or
third-party. Since the time it was launched in 2009, bitcoins gained massive
popularity as they could be exchanged for products, other currencies and for
services. On this day, there are nearly 5 million users who use this
cryptocurrency wallet.
Being the
highest valued and oldest cryptocurrency out there, there are a lot of aspects
associated with it. In case you are wondering what you should know about bitcoin mobile, mentioned below a few facts bitcoin that might interest you.
No
Interruptions by any Intermediary
One of the
most extensively promoted advantages of Bitcoin is the fact that banks,
governments, and any other financial mediators have absolutely no way to
restrict your transaction. They also wouldn’t be able to freeze your Bitcoin
accounts. The entire process of a transaction is strictly peer-to-peer. This
way the users get to experience and enjoy a greater sense of freedom as
compared to the national currencies which are strictly monitored.
Your
Purchases Wouldn’t Be Taxed
This is
perhaps the major reason as to why so many people began using bitcoins. As the
mediators have no way to intercept or track the transactions that are made with
Bitcoins, the sales tax wouldn’t be added to any of the purchases made by you.
Your
Identity Remain Protected
The most
important facts or rather benefits that you should understand when wondering what you should know about bitcoin mobile
is the fact that your identity would remain protected. When you are using
Bitcoin for the transaction, there would be no credit or debit card number
involved. This way no malevolent person would be able to impersonate you or
rather steal your identity. You can in fact even keep your identity hidden when
sending a payment. Some effort might be required to achieve that kind of
privacy but it is possible.
Make
Payments Anytime and Everywhere
Bitcoin is
universally accepted and to make payments all you need is the wallet address.
An internet access is, of course, a must just like all the other systems of
online payment. This means that you wouldn’t have to travel to a store to
purchase certain items or stand in long queues in the bank to make a payment.
Simply add the bitcoin wallet address to the favorite list and with one click,
send bitcoins to the other user. Bitcoin is available 365 days a year and can
be used round the clock.
Other than
all of the above, another major advantage of bitcoin is that the transaction
fees are very low and you can choose the fee you want to pay. Receiving the
bitcoins is absolutely free but most of the wallets have a very low default
free. With a higher fee, you would be able to receive a faster confirmation of
the payment made. It must be kept in mind that the fees remain unrelated to the
total amount that’s been transferred. With so many advantages, the popularity
of Bitcoins is justifiable. These above facts tell you everything what you should know about bitcoin mobile.
