The following post by aj_gulmayo is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/r/ Bitcoin/comments/aleqd7
The original post's content was as follows:
1. No Third Parties
No one is able to tamper with bitcoins. This is because the database stores every redundant copy of the transaction. The worst incident that can happen is where a bitcoin owner is forced to send the currency to somebody else. Since no government agency is involved, the government is not in a position to freeze someone’s wealth. This gives Bitcoin users absolute freedom.
2. No Taxes
With Bitcoin transactions, there is no third party. Even the government is not able to influence these transactions in any way. There will never be a viable way of implementing a Bitcoin taxation system. If taxes were to be paid, then it would have to be voluntary payments by the traders without any forceful influence.
3. No Tracking
Unless a Bitcoin user publicizes his or her wallet address, individual transactions cannot be traced to anyone. Apart from the wallet owner, no one else will know how many bitcoins the wallet owner has. In the event that a wallet address is publicized, generating another address is a very easy thing to do. People find this level of privacy to be very appealing.
4. Transactions Cannot Be Reversed
As with the common payment systems, the sender of money can order a reversal of the funds. If for instance you have already delivered goods to a client and he orders a payment reversal, you stand to lose a lot as a seller. This digital currency is the only payment method that has no reversal. Once a payment has been made, that’s it.
5. No paperwork
Unlike the paperwork required to open bank accounts, to transfer funds or to receive funds, Bitcoin transactions do not involve any form of paperwork. No proof of address, no ID card, and no passport is required for one to start trading in Bitcoins. What one needs is just a wallet and an address. You can have as many addresses as you want, no one limits you.
6. Appreciating Value
From a few cents when it was introduced back in 2009, Bitcoins are now worth more than $7,000. Analysts foresee that within the next 10 years, one bitcoin will be worth more than $100,000. The value of Bitcoins has been tremendously increasing. Its value more than doubled between March and November 2017. By investing in Bitcoins, you are investing in your future.
7. With Bitcoins, You Can Access Markets That Were Historically Inaccessible
In 2016, there were about 2.3 billion people that could access the internet. Most of then use mobile phone internet. Some of them are not able to access the traditional systems of money exchange. This means that such individuals are able to transact using Bitcoins because the traditional banking facilities are out of reach for them. With this, it means that bitcoin is set to grow bigger and bigger.
8. Lower Charges and Fees
Bitcoin transactions cost very little as compared to normal transactions. Since no third party is involved, Bitcoins are moved by the users between themselves without any additional costs. Through the Bitcoin online exchange platforms, one is able to transact for free. Bitcoin fee is normally 0.005 bitcoin parts for every transfer. A normal international inter-bank transfer costs hundreds or even thousands of dollars.
9. No Theft Identity
With credit cards, for instance, when you give a merchant your information, what he does is to pull the specified amount from your card. Some merchants are manipulative and might initiate more money than agreed. Credit cards are prone to hacking and identity theft. With Bitcoin, it is the opposite. The owner of the Bitcoins sends exactly the amount that he or she wants to send.
10. Immediate Settlements
Traditional debt settlements systems always take time. For bank transfers to be initiated and completed, it might take several days or even weeks, depending on the location of the two parties. Payments have to be verified, and this results in time wastage. Bitcoin transactions are completed within a few minutes, regardless of the geographical locations of the parties. By just pressing the send button, the transactions is soon completed without any unnecessary delays.
No comments:
Post a Comment