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 transactions maintain anonymity of the sellers and buyers and only your wallets ID will be revealed. With Bitcoin trading, you will have increased privacy, unlike other financial instruments where third parties can have access to personal financial data. Unless you publicize your wallet ID; no one can trace the transaction back to you. Unlike other national currencies and foreign purchases, Bitcoin transactions have relatively low transaction fees. This is because the Bitcoin transactions have no middle-men or government 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. This is very flexible because you won’t have to travel for long distances to go to the bank or a store to purchase an item. One of the most widely recognised advantages of Bitcoin trading is that it is profitable to both beginners and professionals. The Bitcoin market has a variety of options and huge spreads including arbitrage and margin trading to accommodate all kinds of individual to trade.
Third parties including the government, intermediaries and other financial bodies have no control over the currency. 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, removing the third parties prevents difficulties that lead to long wait periods and this makes Bitcoin transfers very fast and efficient. 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. There is nothing worse than trading your products than getting a message that there has been a reserve or the amount has been charged back
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Additionally, international payments are made easy and relatively inexpensive since its prices are not affected by the economy or policies of any single country. Because Bitcoin is global, trading has made simple with very little barrier to entry and verification isn’t even required.
Unlike stock markets, Bitcoin exchanges around the worlds operate 24/7. Due to lack of official Bitcoin exchange, there is also no official Bitcoin price in the market. Due to this frequent change in Bitcoin prices, it creates great opportunity for traders.
Last but not least, Bitcoins cannot be stolen since ownership address can only be changed by the owner. A lot of authentication details including physical access are required for one to get access to a Bitcoin account.