If someone asks you to name the first cryptocurrency in the world, your answer will be none other than Bitcoin. Powered by Blockchain Technology, this virtual currency can make you a billionaire if you know how to invest in bitcoins, the best bitcoins to invest in, and how to trade bitcoins to multiply money. You will be surprised to learn that the number of daily Bitcoin transactions happening is increasing astoundingly. As per Statista.com figures, approximately 330,000 bitcoin transactions happened daily in December 2020, and this figure rose to around 400,000 in January 2021. So, cryptocurrencies no more are a marketing gimmick or hype. It has become a lucrative investment option similar to stocks and real estate. Why are you holding back?
Originated in 2008, Bitcoin emerged as a new payment network offering several benefits. Day after day, several investors and traders are enjoying the lucrative benefits of the Bitcoin era. They are fascinated by bitcoin technology and how the public ledger system works.
Crypto is known for fast transactions and low or no fees. The reason is that it uses peer-to-peer technology, and there is no intermediary or authority like banks. All the transactions happen on a collective public network. Hence, there is no transaction fee, and everything happens speedily and seamlessly.
Bitcoin value is increasing:
Also, since the number of Bitcoins are fixed, its price is consistently rising with the increase in demand. The reason is growing trust in this investment option, institutional investors and celebrities showing interest and confidence. Moreover, there is no restriction imposed. Also, Bitcoin trading is easy, and if you’re interested in knowing the benefits of investing bitcoin click here. As per expert predictions, Bitcoin Value will cross $100,000 by the year 2023.
No Tax on Buying Crypto:
Another most remarkable advantage associated with this latest innovation is that buying crypto hardly attracts any tax. However, when you trade and earn a profit, it is taxed. Even though many countries have now imposed taxes on bitcoin gains, still many countries don’t have any tax laws. Some such countries are, Germany, Hong Kong, El Salvador, Malaysia, Malta, Portugal, Singapore, Switzerland and more.
No cost overseas remittance:
There are several benefits associated with bitcoins and other cryptocurrencies, but one of the primary benefits is making international payments go through all along without any worry. Another remarkable benefit is that it allows carrying out international transactions at almost zero cost. Usually, it has been inferred that at the time of transferring money to someone residing in offshore countries, you need to pay a high fee as a transactional cost. A World Bank report (2019) suggested that remittances to low income and middle-income nations would touch $550 billion in 2019.
High Privacy is Ensured by Bitcoin:
Transactions that are devoid of privacy must be avoided as such transactions are carried out by fraudsters. Sometimes, you must have heard about the news of a high amount of money disappearing from one’s bank account. It is the result of hacking that causes insecurity. Using a Bitcoin wallet will keep your crypto currency safe.
As the transactions taking place through Bitcoin are anonymous. A Bitcoin wallet owner is a genuine holder of multiple public keys that serve as their addresses. These addresses provide the information required for the transaction. It implies that the address of the receiver is only required for carrying out the transaction.
There is no need to provide the name, address, or any other information to complete a transaction. As a user, it is advisable not to share your Bitcoin wallet details with anyone as it can be highly risky.
Investing in Bitcoin will fetch you lots and lots of benefits. Another one is that there is no facility regarding chargebacks! Yes, once the transfer is done, it cannot be reversed. It is advisable to make your transactions carefully to prevent such mishaps.
Despite various reasons to doubt the promising future of digital currencies, many investors are going for this new investment option. Those investing must tread with care after being informed about the inherent risks. After all, it involves your hard-earned money!
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