Bitcoin and other virtual currencies are getting a hold of the global financial market. Several countries have allowed getting payments through these currencies. You can now shop at stores and also on online platforms. However, not everyone accepts that. A number of countries have yet not legalized virtual currencies. Therefore, you can even get punishment and a fine for using them.
On the other hand, there is another rumor about virtual currency being a scam. People think that it is just to manipulate ordinary people to believe in it and make investments. And a lot of people believe that because of the high volatility of these currencies.
You might also have heard about bitcoin being a scam. So, if you have any doubt related to Bitcoins click here. This will help you out with your confusion. The articles cover every aspect of Bitcoin, from its release to how it is going now. And also about the different aspects like its rates and trading and how you can make a profit through it.
And if you want to start trading in Bitcoin, it is really not that difficult. Although it is a virtual currency and it has different software and wallets than other trading means, it is a bit similar to them in its functions. If you know about stock trading and how things work there, you can easily do trading in virtual currencies too.
You can visit this site to know about how you can earn daily profits. The algorithmic software will help you to have precise analysis so you can increase your profitability. And you will get 24/7 service from the staff. So if you run into any problem, the team will be there to help you out.
Furthermore, it provides you with the auto-trade option. So if you are away from your desk, you don’t miss the right opportunity. It will automatically trade for you. Furthermore, if you want to do it by yourself, you can select the manual option. The trading will be in your hands then.
Pros of making transactions through Bitcoin
Using bitcoin as a source of payment can be beneficial for you. However, you have to be cautious with this currency if you want to reap the benefits.
1. A better user autonomy
Virtual currencies offer better user autonomy. You don’t have to deal with a bank or something. Banks and governments are intermediary authorities that manage fiat currencies. So when you use them for online transactions, these authorities are involved. But not in virtual currencies. You will directly use your bitcoins to purchase things.
2 . Being discreet
Another benefit of virtual currencies is that they allow you to have discrete purchases. No one will know about your transactions unless you let the world know. When you buy something through bitcoins, your identity will remain hidden.
Virtual currencies release a unique address for their users in every transaction. So if you buy something from a place and sell it to someone else, both addresses will be different.
You might think that transactions through bitcoins are completely untraceable. This is also not true. Although these transactions are having a unique identity, they are not completely anonymous. There will always be a user identification number but no one will know your personal information even if they come to remember your user identity number.
3. No bank fees
The most amazing thing is that you do not have to pay any extra fee for your purchase. Usually, when you use fiat currencies, you have to pay some fees to the banks. Sometimes, it’s some tax fee or some money exchange fees. But you are bound to pay them for international purchases.
However, there is no such concept in virtual currencies. Firstly, because they are not going to change. You are using them as it is for your purchase. Everyone who accepts bitcoins will take them without converting them to the other currency. So there won’t be any exchange rate.
Secondly, no banks or governments are involved in bitcoin payments. You will directly be responsible for making transactions. Therefore, all you will need is your wallet and the platform that accepts bitcoins.
Cons of making transactions through Bitcoins
Despite enormous benefits, using bitcoins becomes tricky sometimes. There are always some cons and negative points in using it as a mode of payment. These include,
4. It has a volatile market
The bitcoin market is volatile, the value of this currency changes quickly. Just like the stock market, a single good or bad news will increase the price enormously. For example, a few weeks ago, Elon Musk tweeted about bitcoin and how you can buy Tesla using them. This news became a hit and a lot of people made benefit from it.
Likewise, just recently, a few days ago, the market collapsed. The price of bitcoins fell from some $60000 to $39000 in two days. And everyone suffered from a huge loss. So if you want to get involved in this market, you have to be ready for such news.
For example, you bought a luxury watch for a coin but the price dropped the very next day. So who bore the loss? Of course the shopping platform. Just like that, you can also bear such losses because of the volatility.
Although the anonymous thing about bitcoins is a good thing but it is also bad sometimes. For example, someone might use it for illegal purposes and no one would be able to find that person. Furthermore, cybersecurity is a serious issue in this aspect. It will become difficult for the security agencies to trace a criminal who has been doing digital fraud.
Furthermore, people do use anonymous transactions. So if you make a wrong payment and someone scams you. There won’t be a way to get your payment back, which is not true while you make payments through banks.