Bitcoin is a system designed to allow users to process transactions by using Bitcoins and involves no middlemen. There are many advantages of using Bitcoin compared to other conventional methods. Bitcoin purchases are anonymous, and your Bitcoin address will keep changing with each new transaction. With Bitcoin trading, you will have increased privacy, unlike other financial instruments where third parties can have access to personal financial data. Only you will know how many Bitcoins you have which may be publicized on your accord only. Unlike other national currencies and foreign purchases, Bitcoin transactions have relatively low transaction fees. The costs of transactions in Bitcoin are kept very low since there are no government or intermediary involvement.
Another advantage of Bitcoins transfer is that you can pay for your coins using your mobile phone as long as you can access the internet. Whether you are a beginner or a professional, you can successfully trade with Bitcoin and make good profits. The market is new and involves arbitrage and margin trading which is available for individuals who want to make fast money.
Third parties including the government, intermediaries and other financial bodies have no control over the currency. Due to lack of control over the currency, the government cannot freeze your account, and you will, therefore, have complete freedom to do anything with your money. Additionally, transfers in Bitcoin happens very swiftly since any problems caused by relevant authorities is eliminated. Similarly, lack of relevant bodies to intercept transactions ensures that the purchases are not taxed.
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Also, Bitcoin is a good online payment system for sellers because transactions are irreversible meaning that, the customer has no ability whatsoever to reverse the payment. This will save you as a seller from stress of sending your goods to a buyer then receiving a message that the payment has been reversed.
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Bitcoin payments are easy and cheap because it is not tied to any country or subject to any regulations. Also, compared to many financial instruments, Bitcoin trading has very minimal barriers of entry thus, if you have Bitcoins, you can start trading immediately.
Unlike stock market transactions, there are no official Bitcoin exchanges. Due to lack of official Bitcoin exchange, there is also no official Bitcoin price in the market. Each time Bitcoins prices increase, it attracts new investors and speculators who aim at increasing their profits.
Last but not least, Bitcoins cannot be stolen since ownership address can only be changed by the owner. Unlike other traditional currency systems, a lot of authentication is required to gain access to your Bitcoin account.