In this technology-driven world, we are entirely dependent on the technology. Thinking of human existence and survival seems to be impossible without technology. It has not only increased our standards of living but also made our life easier. So, one of the biggest assets of its boons is “cryptocurrency”. Basically, cryptocurrency is defined as a digital asset which is created to work as an intermediate of exchange that utilizes cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies use decentralized control instead of centralized electronic money and central banking systems.
So, Bitcoin is a classification of cryptocurrency and worldwide payment system. It works without a central bank or single administrator because it is the first decentralized digital currency. The transactions take place from user to user without any medium. The verification of the concerned transactions are done by network nodes via the utilization of cryptography and recorded in a public distributed ledger called a “blockchain”. It has innumerable advantages over using localized currency, some of them are enlisted below:
- Taxfree purchases: Since there is no way for other elements to identify, track or obstruct transactions that are denominated in Bitcoins. One of its major benefits is that sales taxes are not added to any purchases.
- Minimal transaction fees: Generally, standard wire transfers and foreign purchases involve fees and exchange costs. The costs of transacting in Bitcoin is very low because no intermediary is no involvement of institutions or government. In addition to this, any transfer in Bitcoins happens quickly which exterminates the inconvenience of typical authorization requirements and waiting duration.
- Mobile payments: Similar to many online payments, Bitcoin users can make payments for their coins from anywhere. The only thing the users need is access to the Internet. It means that purchasers never have to travel to a bank or a store to purchase a product.
- No paperwork formalities: Anyone from anywhere can accept Bitcoins within minutes. There is no requirement for ID card, passport or address, unlike conventional banks. An aspirant requires to download a Bitcoin Wallet Program and generate a Bitcoin Address to start sending and receiving Bitcoins.
Although there is no specific number of Bitcoin customer service. However, few users mention about toll free number which is 1-800-683-9049. By seeing the above advantages, it is evident that Bitcoin imparts several benefits over using localized currency and it is easy to use.