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The Advantages of Using Bitcoin

28 February 2020 12:28, UTC
The Advantages of Using Bitcoin

With fewer people making transactions using cash these days, there are now a number of ways to purchase goods or services online. Bitcoin is one of the most popular methods of digital currency and there are plenty of advantages when it comes to using this peer-to-peer payment process.

Easy Set-Up and Zero Paperwork

Unlike standard currency, there are very few limitations surrounding the ownership of Bitcoin. It is perfectly legal to download and set up the online wallet program on a phone, tablet or laptop. It is incredibly straightforward to get started and no paperwork or documentation will be required.

Unlike opening a standard bank account, you don’t have to show proof of address and once you’ve accepted your first payment, you’re able to begin making transactions of your own!

Make Purchases and Transfer Money Anonymously

Although it is still possible to use an IP address to track a transaction, Bitcoin is largely anonymous and that is one of the significant advantages of using this method of cryptocurrency.

Those who purchase goods or services using this popular payment method will not be required to part with information such as home address, credit card number or e-wallet username. It offers relief to those users who are wary about sharing their details online and the anonymous Bitcoin address will also alter with every passing transaction.

In 2020 Blockchain casinos have become increasingly common worldwide. In the USA where online casinos became legal in NJ, the government still resists the usage of cryptocurrencies in this niche and legal online casinos in NJ still remains fairly reluctant to accept Bitcoin transactions.

There are many reasons for their unwillingness to accept these types of players including the prospect of faster pay-outs and the inability to send offers and promotions to players using their personal details. Some online betting sites tailor their bonuses to specific types of users and depositing throughout Bitcoin makes it much tougher to do this. Online bookmakers prefer to have a human checking over the transactions before confirming any pay-outs and this is simply not possible when it comes to cryptocurrency.

Modern, forward-thinking companies have been quick to adapt, however many US betting sites still haven’t acclimatised to the changing nature of online transactions and simply refuse to add Bitcoin to their extensive list of payment options. However, there are a number of high-profile operators who will now gladly accept cryptocurrency users and many more could follow suit over the next decade.

Very Low Transaction Fees and No Taxes

Whether you opt for a credit card or an e-wallet to complete your online transactions, you will undoubtedly have paid some unwanted fees along the way. With Bitcoin, there are no hidden extras and sales taxes cannot be added to your purchases once they are complete.

With no link to any particular country or association, it means that conversion rates do not apply and you don’t have to worry about the price of the dollar before completing a purchase online.

Transactions tend to occur instantly and no authorization is required which also helps cut out any unwanted admin or handling fees.

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