When the internet first arrived in the 1980s, nobody had a clue how to use it or what they could do with it. Before they knew it, the internet had been utilised to become an innovative Mecca, complete with online shopping, social media and so much more. Bitcoin is a little bit like the internet in the 80s: many of us are unsure of what exactly it is and how we can use it. But it’s really not that complicated, and there are so many benefits to it so let’s dive in.
First of all, what is Bitcoin? Well, to put it simply it’s an online payment network and currency which allows you to pay for goods and services. When you join the Bitcoin network, payments are processed through a shared public register known as the Blockchain, rather than through a bank.
But how is it different to banking and payment services? Bitcoin is the only truly open financial network in the world. It isn’t owned by anyone or any company, meaning that any Bitcoin you own is entirely yours. Your balance can’t be blocked or frozen as nobody has any autonomy over your Bitcoin. You have total financial freedom.
In addition to this, spending Bitcoin isn’t just limited to purchases made on your computer: you can simply use a mobile app to make payments. To make a purchase, all you need to do is download the app, log into your mobile Bitcoin wallet and transfer the amount to the merchant.
Bitcoin is great for a range of services, it makes shopping more secure since you don’t need any personal details whatsoever when using it, so your information can never be stolen. This no longer applies to just online shopping; physical stores including CEX are increasingly enabling Bitcoin payments for their products and there are even Bitcoin ATMs springing up across the world.
Another great benefit to Bitcoin is that the transaction fees are incredibly low, and deposits and withdrawals are completely free. This is obviously great for shopping, but also entertainment services, for instance online casinos such as BitCasino, which you can visit with this link, where using Bitcoin actually heightens your winning potential, because regular online casinos lower winning odds for some games to cover the cost of transaction fees, and since this doesn’t affect Bitcoin, your winning odds are higher.
Buying online is made so much cheaper as there is no tax on purchases with Bitcoin. Since you aren’t using a bank or personal details with the cryptocurrency, there is no way for third parties to identify, track or interrupt transactions – which means that sales taxes are not applied.
So, if you’re looking for a new payment method at the forefront of technological evolution with fewer banking restrictions, low transaction fees, more secure payments and a growing range of online merchants, maybe Bitcoin is the one for you.