So many people today are talking about cryptocurrency. You should definitely learn more about it if you have no idea what it is all about. Cryptocurrency is a flexible mode of currency which operates differently from the coins and notes that most people use today. There are so many benefits that come with cryptocurrencies. One of the most common types of cryptocurrencies is Bitcoin. There is a lot of information that you can get about Bitcoin. Here are some of the things that you may be interested in knowing.
Guaranteed User Anonymity
One of the reasons people love Bitcoin so much is because of its anonymous feature. Over the years, the only way you can send some money to somebody is if your identity is known. You need to provide some kind of identification when using different types of payment platforms be it banks or even mobiles phones. As a matter of fact, you must have a bank account if you want to send money via the bank. You must always give the bank your own personal details before you open a bank account. However, with Bitcoin this is not necessary. Canadian bitcoin purchases are usually similar to cash purchases. You will always notice that the transaction ID changes every time when using Bitcoins. Moreover,you will never find any purchases being traced back to you.
Third Parties are Eliminated
Bitcoin also eliminates interruptions from third parties. These third-party interruptions come from institutions such as the government and banks too. Most people experience a hard time from banks and governments when it comes to sending and receiving money. Nevertheless, Bitcoin makes it hard for any of these parties to put a ban or close an account. Actually, Bitcoin gives you the security you have been waiting for when using your money.
No Tax on Purchases
This is something very many people are happy about. If you have ever purchased anything then you should be aware of the Tax imposed on your purchases. However, because there are no means of any third party interference, it is impossible to get any of your purchases taxed. Considering there is no sales tax on what you buy, you get to enjoy more of your hard-earned cash.
Low Transaction Fees
You should know about transaction fees if you have sent or received cash before. Sometimes financial institutions will charge you even for receiving money depending on where you are and which service you subscribe to. Bitcoin has made it possible for people to worry less about large transaction fees when they do business online. This indeed is the currency for the people.
Lastly, because Bitcoin works over the internet, mobile users can also use it to transact. You can forget about having to go to the bank once you start using it. Learn more about digital currency Canada here.