StumbleUpon Bitcoin refers to a digital currency that was first introduced in early Its operations are decentralized and no single entity is tasked with controlling it. One of the most attractive things with the Bitcoins is that they costs less when you transact with them as compared to the traditional forms of debt settlements.
No Third Parties No one is able to tamper with bitcoins. This is because the database stores every redundant copy of the transaction. The worst incident that can happen is where a bitcoin owner is forced to send the currency to somebody else. This gives Bitcoin users absolute freedom. No Taxes With Bitcoin transactionsthere is no third party.
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Even the government is not able to influence these transactions in any way. There will never be a viable way of implementing a Bitcoin taxation system. If taxes were to be paid, then it would have to be voluntary payments by the traders without any forceful influence.
No Tracking Unless a Bitcoin user publicizes his or her wallet addressindividual transactions cannot be traced to anyone. Apart from the wallet owner, no one else will know how many bitcoins the wallet owner has.
In the event that a wallet address is publicized, generating another address is a very easy thing to do. People find this level of privacy to be very appealing. Transactions Cannot Be Reversed As with the common payment systems, the sender of money can order a reversal of the funds.
If for instance you have already delivered goods to a client and he orders a payment reversal, you stand to lose a lot as a seller. This digital currency is the only payment method that has no reversal. No paperwork Unlike the paperwork required to open bank accounts, to transfer funds or to receive funds, Bitcoin transactions do not involve any form of paperwork.
No proof of address, no ID card, and no passport is required for one to start trading in Bitcoins. What one needs is just a wallet and an address. You can have as many addresses as you want, no one limits you. The value of Bitcoins has been tremendously increasing.