Bitcoin has created a buzz across the globe. With the advent of this cryptocurrency, financial transactions and investing have been made easier. Let’s take for example, you wish to send money from China to the U.S, you may use wire transfer services or other services like PayPal to transfer such funds. These international transactions do not come cheap as you will be required to pay a lot of fees which include may include the following:
- Currency conversion fees
- Bank service fee
- Services like PayPal would require that you pay a transaction fee. Some may even require conversion charges.
Bank fee means that you are paying to have your money secured and transferred, which in reality everything is just done digitally without much effort. However, be it digital, you are still required to pay significant sum of money which is around 2% to 10%. So if you are to transfer $200, you will have to give up $4 to $20 as bank fee. Isn’t that outrageous?
In contrast to fiat money (paper currency), Bitcoin is not regulated by any country globally. It can be termed the official currency of the internet; which means anyone online can own it. This makes it autonomous and not monopolized by any corporate entity. What makes Bitcoin unique is that it is easy to transfer anonymously anywhere across the globe at very low fees.
That being stated, what is Bitcoin?
Bitcoin is a decentralized digital currency or cryptocurrency which is independent of any central bank, corporation or country, and can be used by anyone on the internet for financial transactions without intermediaries. They are stored in “Bitcoin Wallets” and financial transactions are done electronically.
It is important to know that each Bitcoin Wallet has one or more “Wallet Addresses”. Each address is unique and ensures that your transactions are anonymous, which keeps you safe.
Benefits Of Trading Bitcoin
One of the major benefits of trading bitcoin is freedom you have to make payments anywhere, to anyone you want without any hassle. For example, if you are in the United Kingdom and you need to send money to someone in Australia, you can do that easily with via the Bitcoin technology. Also, you don’t have to be concerned about money transfer limitations like crossing the border or bank holidays.
- Information Transparency:
Transparency of information is considered a major priority when transferring funds. With its sophisticated blockchain technology, all financial transactions are made visible to the public. However, your personal information is hidden, which implies that no one can gain access to it.
- Low Fees:
Another attractive benefit of trading Bitcoin is the low to zero fees it attracts depending on the exchange. It is important to know that transactions with higher fees are given more priority within the network. That being stated, you can send money to anyone without having to pay huge transaction fees. Also, transactions are quickly executed.
- Control and Security:
With Bitcoin, you have total control over your transactions. This means that your bitcoins are safe and securely stored in your digital wallet. Also, with Bitcoin, you are protected from vendors seeking to charge extra fees. These vendors can not charge you extra without talking to you. In addition to this, you do not need to provide your personal information when conducting a transaction. With this you are protected from identity theft.
Having stated these benefits, it is high time you considered trading bitcoin as a better form of transaction and investment. There are other eye-opening advantages that come with this cryptocurrency. If you wish to find out more or get started today, please visit bitcoin-trader.info