The term Bitcoin is everywhere now, significantly since many investors diversified towards crypto trading in 2020 because of the traditional market crash. Although many people have heard it, not all of them know what exactly it is, how it can be used, and the benefits that it offers.
Ever since Bitcoin emerged in 2009, it has led the cryptocurrency market as the largest one in terms of market cap and the most popular. It can be found in literally every exchange and trading platform that involves cryptocurrencies, and its price movement even affects that of altcoins.
It is mostly defined as an open-source, peer-to-peer system for electronic cash that is entirely decentralized. It is under no authority, has no central server, and works with no middle-men.
Bitcoin is a virtual currency that has gained a lot of attention over the years, and it can be easily accessed through phones or computers. It can also be traded or used to buy products online.
If you’ve been considering going into the cryptocurrency market to buy bitcoin, or trade bitcoin, the five merits we have compiled below will be useful in helping you make your decision.
It Attracts No Taxes
Bitcoin has become an increasingly popular medium of exchange when purchasing online items because it does not attract any taxes. When buying products or services with fiat currencies like pounds, dollars, or euros, there’s a good chance that you’ll pay some tax like a value-added tax on that product.
On the other hand, Bitcoin does not attract any taxes. You can shop with the currency, and you won’t have to pay any taxes. Although it’s tax evasion, it’s completely legal since the government is not in charge of regulating cryptocurrencies, including Bitcoin.
With the lack of taxes, you can purchase expensive and luxury items without thinking about the extra taxes you have to pay on them. Many people are unaware of this, but this is one of the most significant merits of using bitcoin digital currency.
Low or No Transaction Costs
One of the best things about Bitcoin is that you can carry out international transfers or purchases at no extra cost. Usually, when you transfer money or purchase items internationally, they come with massive costs that might even discourage you. But, since the government does not control Bitcoin, the transaction costs are at the barest minimum.
Not only are the transactions super cheap, but you can also look forward to instant transaction times. One of the reasons people use Bitcoin to buy products or send money is the speedy transaction time. You don’t have to go through processing times, authorization procedures, and the like.
No Government Intervention
Another advantage of Bitcoin that you probably didn’t know about is that no governmental or regulatory body can intervene in all activities. There are no third-party interruptions allowed by governments, banks, and financial intermediaries.
Thus, you won’t experience any frozen or disrupted transactions. Bitcoin is mainly based on a peer-to-peer blockchain system; its users have a lot of freedom when purchasing items online than fiat currencies.
Wide Range of Online Payment Systems
For one, you can purchase Bitcoin from anywhere in the world using your phone, tablet, or computer. You don’t have to go to the bank to get this done, and you can do it wherever you are. Since Bitcoin is an online payment system, it supports payments anytime and anywhere. They can also be stored in wallets that you can take anywhere.
If you want to sell bitcoin or trade bitcoin, you don’t have to use a particular website like conventional banks. You can use a wide range of platforms to buy and sell bitcoin, like Vertex Market. It also offers flexibility in terms of how you can buy it. Whether you want to use another cryptocurrency like Ethereum or Litecoin, or you’re using a fiat currency like GBP or USD, you can purchase Bitcoin with anything you want.
Online payments through Bitcoin also offer top-notch security. You won’t be giving anyone your information when paying for goods online, and your wallet address will be highly secured and safe. So, even if you provide the address, you won’t have to worry about hacking.
Finally, one of Bitcoin’s main features that makes it a popular medium of exchange, especially in the dark market, is its anonymity. Bitcoin transactions are discreet and cannot be traced back to you, just like when you pay with cash. You have the option to remain anonymous to everyone, so even the seller of the product you’re buying won’t be able to trace you.
Whenever you’re carrying out a user purchase with the Bitcoin online payment, you will be given a particular business address. Then, for another transaction, you get a different address. It’s never the same for two transactions.
This doesn’t mean that the anonymity feature is compulsory. If you want your Bitcoin transactions to be open, you can do so. But, most people prefer to keep their identities secret.
Buy and Sell Bitcoin Today!
Now that you’ve seen these great merits that come with using Bitcoin, you’re probably more motivated to buy, sell, and trade bitcoin. If you decide to do so, it’s the right choice. Apart from these merits above, many other advantages come with using Bitcoin, including the continually increasing currency value.
The advantages above are mostly for using bitcoin to buy and sell. But, you can also decide to buy and hold the cryptocurrency. This means holding on to it and then selling it when you think the price will increase.
Bitcoin is mostly used for trading in the crypto investing space. You can use a wide range of exchange and trading platforms for this, primarily social trading platforms that allow copycatting for novice investors.
If you want to get started with Bitcoin, open a BTC wallet, and visit Vertex Market today. This is a recommended site to buy and sell Bitcoin, and you can buy Bitcoin with fiat currencies if you don’t own any cryptocurrencies. It also offers speed, reliability, and favorable exchange rates.