So many people today are talking about cryptocurrency. You should definitely learn more about it if you have no idea what it is all about. Basically, this type of currency is much more flexible as compared to the normal notes and coins that you are used to. Most people may not know this but there are so many advantages of using cryptocurrency. An example of a cryptocurrency that is considered common is Bitcoin. There is a lot of information that you can get about Canadian bitcoin. The following are some of the things you need to know.
You Get User Anonymity
Bitcoin provides user anonymity and this is what makes it a people's favorite. For a long time if you wanted to send cash you needed to have an identity. Your identity is vital whether you at using bank payment platforms, mobile payments or any other type of platform. As a matter of fact, you must have a bank account if you want to send money via the bank. To open one of these one needs to provide the bank with details of who they are. This is not a necessity when you want to use Bitcoin. Bitcoin purchases are usually similar to cash purchases. The transaction ID changes each time. In addition to that, it cannot be traced back to the buyer.
Third Parties are Eliminated
Another reason why Bitcoin has become so famous is that it takes away the third-party element. Interruptions are usually caused by banks and governments that act as third parties. Sending and receiving money has become a task for most people because of the kinds of interruptions caused by banks and governments. Nevertheless, Bitcoin makes it hard for any of these parties to put a ban or close an account. You can be sure that nobody other than you can interfere with your Bitcoin wallet.
No Tax on Purchases
This is something very many people are happy about. If you have ever purchased anything then you should be aware of the Tax imposed on your purchases. However, because there are no means of any third party interference, it is impossible to get any of your purchases taxed. With no sales tax you get to keep more of your cash, which is precisely what makes people happy.
The Transaction Fees are Low
You should know about transaction fees if you have sent or received cash before. At times you may be charged by a middleman even when you are the one on the receiving end. However, Bitcoin has made it possible for people to do business online without having to worry about the huge transaction fees. This has added to its popularity.
Lastly, because bitcoin Canada like other types of Bitcoins, works over the internet, mobile users can also use it to transact. Once you begin using the currency, you no longer have to go to a bank.
The Important Things About Bitcoin That You Should Know