4 advantages of using your bitcoin wallet app to make transactions
At first it was cash, and then we moved into the era of credit and debit cards. Now, bitcoin appears to be growing at a faster rate than anyone could have ever imagined – and it doesn’t seem to be slowing anytime soon. In fact, it’s getting phenomenally big.
The press have certainly fueled the growth of bitcoin and there’s no doubt that all of their stories documenting the immense success some users have experienced on the platform has moved things along nicely as well.
However, it’s not all about users making huge sums of profit. In the midst of all of this, there are also a lot of benefits of using your bitcoin wallet app to make standard transactions in normal shops. Here, we’ll take a look at just why more and more people are turning to this method of payment and fueling the growth.
Keeping things under wraps
This is one of the more controversial advantages; a lot of people feel as though bitcoin is being used for transactions that might be bordering on the illegal.
Putting this to one side for a minute, there are plenty of instances where users wish to purchase an item with complete discretion. Or, some people just don’t like banks and other establishments knowing exactly what they have purchased and the intricate details of their life.
Through bitcoin, such concerns are eradicated. Any purchases are never linked to one’s identity, meaning that buying with this currency has been frequently been likened to cash purchases.
The lack of tax
Everyone hates tax – it’s a clichéd fact of life. Well, the anonymous nature of Bitcoins means that sales taxes aren’t added to purchases. Some might not agree with this, but it’s just part and parcel of buying with the currency.
Transactional fees are a thing of the past
We all know about the frustrations of wiring money, particularly abroad, and incurring umpteen fees because of it. Well, as there is no government involvement with bitcoin, these issues are a thing of the past.
This is something that has been particularly appealing to people like travelers, who don’t often stay in one place. Rather than frantically trying to shop around and get the best deal in terms of transaction fees, this step is eradicated courtesy of bitcoin.
Third party institutions are no longer involved
For some people, this is the primary advantage associated with bitcoin. More and more people are growing frustrated with the influence that governments and various financial organizations have on our finances. Many are able to immediately freeze accounts, and throw other obstacles in the way, which obviously impacts our lives in a pretty major way.
The peer-to-peer nature of bitcoin means that this doesn’t occur. Many have suggested that trading in bitcoin is one of the easiest ways to enjoy freedom with your finances – and this is simply emphasized when one considers the anonymous system that the platform operates under as well.