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Beneficial Features Or Advantages Of Bitcoin

If you wonder why there are people who are attracted to the Bitcoin software, it is because of the many beneficial features. First, there is the anonymity factor. A user’s personal information is not required for downloading the software or the app. Then a user is likewise not required to open up his personal and private information for a Bitcoin wallet application. There is anonymity and there is no bias involved.

A user is not required to say how much he earns in a year. In banks, an application can only be approved if the banks think that a person is qualified based on his personal information.

The second feature of the Bitcoin software that makes it attractive is the lack of jurisdiction of the government over it. In this way, the Bitcoins stored in the wallet is tax-free. For every transaction or Bitcoin exchange transaction, a user does not have to pay some fees or taxes. If a user opts to pay an online transaction using his Bitcoins, he does not have to shell-out additional costs compared to PayPal or other services. In a way, it is cheaper and more convenient.

The third feature of the Bitcoin software is that a user can send and receive Bitcoins in any amount. If a user wishes to purchase a car using his Bitcoins, he has the right to do so. There is no limit as to how much a user can send. He has full jurisdiction over his money. He can do whatever he wants with it without any limit, unlike in banks or credit cards wherein a certain ceiling is required.

Another feature of Bitcoin is the convenience for constant travellers. Monetary exchange rate agencies do charge extra for every money exchange. Since Bitcoin is gaining popularity across the globe, a traveller does not need to bring cash with him. He can carry his virtual money on his smartphone. There are more shops and restaurants around the world that accept Bitcoins as a form of payment. Thus a traveller can save money on the surcharges that are applied for money exchanged.