Personal Finance For Smart Heads! By RJT Published: 21:10 GMT, 23rd November, 2014 Bitcoin is often misunderstood by many who do not see how it could be used as a currency. The official definition of Bitcoin is that it is “a consensus network that enables a new payment system and completely digital money.” What this means is that Bitcoin decentralizes the monetary system and allows peer-to-peer payment has no central authority or middlemen and succeeds on the power of its users. Bitcoin is the Internet version of cash in hand and users can use it as they will. Given the definition one has to wonder what benefits they could get from Bitcoin. Advantages of Bitcoin Because Bitcoin is a decentralized payment system, its untraceable that means there is no risk of having a government seize your money You have complete freedom with your money; this means you can make international transfers without fear of exchange rates. You don’t have to conduct transactions at the convenience of you
Posted on: Sun, 23 Nov 2014 22:01:23 +0000
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