Bitcoins are one of the most used modes of payment in this contemporary world and people who do not know what is bitcoin will be worried to use this type of cryptocurrency for making payment and to do transactions with them.
Some of the merits that you will enjoy when you make bitcoin transactions with other bitcoin users are as follows:
- User anonymity – Unless a user reveals his identity, the transactions that he has made are not associated with his original identity. Thus no one can trace the person and also the bitcoin address of a user can be changed for each transaction.
- No intermediaries – Another crucial benefit that you will enjoy when you transact bitcoins is there is no involvement of any intermediate service such as banks and other financial bodies.
- No tax involved – Because there will be no intermediaries, ultimately you do not need to pay taxes for all cryptocurrency transactions. That is there are no sales taxes that are added when you buy things with bitcoins.
- Less transaction fee – Since there is no involvement of third party services during bitcoin transaction, the fee that you need to pay for each transaction is extremely low.
- No inflation risk – One of the most important merits is there is obviously zero risk of inflation. Since there are exact amount of cryptocurrencies in the market, hardly inflation can takes place.
- Faster payments – When you compare other settlements with bitcoin, then you can clearly see bitcoin transactions can be completed within a short span of time.