Bitcoin is a globally accepted currency and can be used in every country except some countries it is restricted in some countries. It is a decentralized currency and there are many benefits of using cryptoengine as a payment gateway, as an investment, and other more uses of bitcoin.
Advantages or Benefits of using bitcoin
There are the following benefits of using bitcoin given below:-
- Financial Freedom:-
Yes, bitcoin gives us the financial freedom to use it. It is a globally accepted currency and we can pay for goods and services around the world and it is a very convenient method for payment. In business, whether it is small or large there are need for daily transactions and bitcoin help people to make their business easy with easy movement of fund all over the world.
- Globally accepted currency:-
Bitcoin is a globally accepted currency and everyone in the world can use it as their own currency. Actually, the main motive of the founder of bitcoin is to make the payment method easy all over the world and now you can use it as purchasing goods and services, paying debts and business transactions outside of your country.
- Payment Method:-
As we all know bitcoin can be used as a payment method. In 2009, when bitcoin came into existence there was no online payment method for global payments and Satoshi Nakamoto created this bitcoin platform which is now very popular for online transactions and especially for merchants who import or export goods from the outside of their country.
Bitcoin works on a decentralized basis means there is no role of third parties like government and banks or any other party. Other platforms like banks worked under the central bank and government and banks follow or worked under the rules and regulations of government and central bank but it is not in the case of bitcoin.
- Mode of an Investment
Yes, bitcoin is a mode of investment and many people buy bitcoin to earn money. Some people don’t know it is made for online transactions like buying and selling goods and services, but they think it is a form of investment. When bitcoin came into existence the price of bitcoin was very low and at that time who purchased and hold bitcoin now is the richest one. How? Because at that time the price was very low when some people purchased bitcoin and after passing the time the value of bitcoin was increasing rapidly.
It is like a stock market, which means purchase shares at a great price and holds them for a certain period of time, and after that when the price will increase sell them.
- Peer-to-Peer transaction
There is another benefit of using bitcoin is that you can meet new people in your local area who are using bitcoin for trading. Peer to Peer transaction means you do not need to trade with unknown persons, there are many websites that tell us who are the bitcoin users in your local area, we can contact them, we can meet face to face and it is the safest method for bitcoin trading.
- Low Cost
There are many online payment methods that charge a high amount for each and every transaction especially when you want to send money in another currency. Banks charge a high amount for converting the currency which is the traditional method and it takes time for converting the currency. But bitcoin solved the problem of high cost. You do not need to pay a high charge for each and every transaction, there are some exchanges that charge a minimum amount, and the process of converting is very fast, unlike banks.
- Secure mode of payment
Bitcoin is a very secure digital currency because there are no middlemen and the backend of bitcoin is working on hash values and these values are very complex and not easy to crack. So this is the safest method or mode of payment, unlike other payment methods.
- No Taxation
The biggest advantage of using bitcoin is that there is no taxation. Since bitcoin is separate or decentralized, there is no role of government and any third party so no one can ask for tax. You can buy bitcoins, you can buy goods and services from merchants, you can sell bitcoin and you can sell goods and services and receive payment without paying tax to the government.
- Hide Identity
There are some exchanges that provide a certain level of security and the biggest advantage of using these bitcoin exchanges is that they will hide your identity. Yes, it will hide your identity. The bitcoin’s each and every transaction stored in the public ledger and here everyone can see the transaction of every person who using the bitcoin. But with these security features provide by these exchanges are enormous and no one can track your transaction and no one will know who you are.
From the above information we have learned that there are a lot of benefits of using bitcoin and the main benefits are there is no third party involved and without a third party it is a very convenient payment method and it is globally accepted and everyone in the world can use bitcoin as a currency.