While the term “bitcoin” is widely used, few people truly understand what it means. While it is a trading system, it is unique for two major reasons. For starters, it uses a type of digital cash that can be quickly exchanged. What makes it even more remarkable is the fact that no banks or other legitimate financial institutions are involved. It’s just a peer-to-peer system that’s self-contained and unaccountable. The following are some of the most noteworthy crypto news and highlights from the last few weeks:
- Anonymity – Bitcoins allow you to conduct basic transactions without revealing your identification or bank account information. All transactions are anonymous until you specify otherwise, and they cannot be traced back to you. Every transaction generates a one-of-a-kind address that will never be used again.
- Receiver privileges – Unlike most other types of trading, bitcoin transactions are irreversible, and you cannot cancel a transaction once it has been sent. You’ll need the receiver’s permission if you need to reverse the transaction. In addition, unlike other financial transactions, which are handled relatively instantly, the transactions take roughly 10 minutes to complete.
- Buying expensive items – The fact that bitcoins are great for acquiring international luxury items is one of the main reasons they became popular. These are the ones that the governments of these countries heavily tax, resulting in an extremely high final cost. There are no taxes to pay because bitcoins do not involve any state institutions. This includes the existing low transaction costs, which makes them excellent for purchasing things from other nations.
- Portable wallet – The introduction of a mobile version of bitcoin, in addition to a computer version, was one of the most popular crypto news stories. This means you can download an app to your smartphone and use it to manage your bitcoins. It also makes it simpler to convert your coins into dollars at any moment.