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Benefits of Bitcoin over Localized Currency Bitcoin is currency that allows its user to transact with no middlemen including banks. There are many advantages of using Bitcoin compared to other conventional methods. Each Bitcoin transaction is kept in a public record, but the names of the buyers and sellers are kept private. 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. Bitcoin transactions have relatively low transaction fees, unlike foreign purchases that involve fees and exchange costs. The costs of transactions in Bitcoin are kept very low since there are no government or intermediary involvement. Bitcoin has online systems payments where you can pay for the coins anywhere there is internet access. Another benefit of Bitcoin is that potential customers don’t have to drive to your store in order to make purchases. Whether you are a beginner or a professional, you can successfully trade with Bitcoin and make good profits. The market is fragmented and contains arbitrage and margin trading that enables many people to make money by trading Bitcoins. Another benefit of using Bitcoin is that there are no third party interruptions including the government, banks and other financial institutions. Since there are multiple copies of the transaction database, no third party can freeze or seize your account and thus, you will complete freedom 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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This is a preferable online payment since transactions are irreversible and cannot be charged back 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 markets, Bitcoin exchanges around the worlds operate 24/7. Additionally, lack of official Bitcoin exchanges means that there are no official prices. Each time Bitcoins prices increase, it attracts new investors and speculators who aim at increasing their profits. No one can have access to your Bitcoins unless they you willingly transfer the Bitcoins to their account. Unlike other traditional currency systems, a lot of authentication is required to gain access to your Bitcoin account.