We are living in times when technology is evolving at a faster rate. New gadgets are being introduced to the market each day. They are making the life of the common man easier by reducing some lengthy processes one had to go through on previous occasions. Who knew that one day one could just make payments by swiping their credit card on some machine? The availability of smartphones and laptops has made it easier for most transactions to be conducted online. Most traders have also started selling their wares online. It has become a new world famously referred to as the virtual world. The fact that online trading takes place means there has to be a medium of exchange.
Well, some people still use the central currency that is the dollar, euro and others because there are organizations like PayPal that offer online money transaction services. The newly adopted form of exchange in the virtual world is the use of cryptocurrency. This is a digital currency used as a medium of exchange, and it can be used for transactions or measure the value of something. Some examples of these currencies include litecoin, ripple, and Bitcoin. Learn more: about the several types of cryptocurrency in the market. Bitcoin is by far the most popular digital currency around. It is used widely for most online transactions. Most people have been advised to adopt its use. Here is why you should invest in Bitcoin.
It is safe
Bitcoin is regarded safe by many because it cannot get hacked easily. Other online payment methods require to give out full details about their credit card meaning your merchant has all your details and this may not be secure. Your account may be hacked anytime. With Bitcoin, you only give limited information. It is not a must for you to give out your names, therefore, upholding anonymity. This helps reduce the chances of identity theft.
You can use this medium of transaction in any part of the world at any given time. One does need to worry about the usage limitations or holidays.The fact that there is no central authority figure in this type of currency means you are in control of your money.You are also able to see all your transactions.
One is not taxed in this type of payment because there are no third parties involved. Only you and the merchant you are transacting with can keep track on your transactions. Sales taxes are also not included in any purchases. Transactions fees charged in other forms of payment like bank accounts or online payments are not charged for this type of payment.