With the pandemic denting investor confidence big time, there is a relentless quest for an alternative source apart from traditional markets. Virtual currency trading has filled this gap somewhat. If there is an appetite for risk, crypto trading is indeed your cup. When it comes to cryptocurrencies, Bitcoin is the uncrowned emperor. Offering the most handsome gains over the years, this currency has captured the fancies of investors big time! You even have a “Bitcoin ATM near me” for ease of transacting! We look at some unique qualities that have made bitcoins as popular as they are!
The Many Reasons to Choose Bitcoin
- There is no Third Party Involvement: Owing to the fact that there are likely to be several redundant copies of the database recording transactions, seizing bitcoins is not a possibility. This also means that the wealth is not accessible even to the government. The most that can be done is to coerce the owner to send his bitcoins to someone! Freedom is unmatched.
- Transactions are Untraceable: Unless a wallet address is publicized, transactions cannot be traced back. The wealth in the form of Bitcoins is stored in complete privacy. Even if a wallet address becomes public by mistake, new addresses can be generated immediately. You and your wealth remain protected from unwarranted public glare.
- No Taxes are Applicable: Third-party interception of Bitcoins is not a possibility. Therefore, a viable taxation system for monitoring Bitcoins does not seem like a reality anytime soon. Voluntary payments are the only option for taxation if someone wishes to pay. Or else, your income is tax-free.
- Stealing Bitcoins is not a Possibility: Stealing cryptocurrency is difficult although not entirely impossible. The ownership addresses can only be accessed by the owner and stealing is not a possibility unless someone has personal access to the user’s computer. That said, the hacking of currency wallets has become rampant. One needs to remain vigilant and learn the tricks of the trade. Just like you must have learned how to buy Bitcoins and how to sell for profits; how to keep them safe is also something that needs to be mastered well.
- This is one–way Traffic: Once Bitcoin payments have been made; there is no chance of any reversal. Ownership addresses change instantly and once changed, reversing is never possible. The new owner of the coins now has complete access to the reserves which can be unlocked only through a private crypto key. There can be no instances of “charge-backs” therefore.
- Transaction Costs are Low: When bitcoins are sent and received, the client has to remain functional and keep establishing connections with other nodes. By transacting in bitcoins, users are contributing to the blockchain, sharing the load of authorizing transactions. This sharing approach greatly reduces transaction fees. However, checking whether transaction fees are levied, is always advisable. When you head to a Bitcoin ATM in Connecticut for performing BTC transactions, for instance, transaction charges will be applicable. Check on the amount before you proceed with the withdrawals and payments.
Adopting an informed approach will help in succeeding with Bitcoins. Read up as much as you can from varied sources before plunging into the market.