Bitcoin is the most innovative payment network according to their website. They refer to it as a new kind of money system. They promise on the exciting uses of the currency that no other payment system can cover it.
Essentially, this means that they are advertising their product. They are doing their best to sell their products like any other marketing institution. They need you to take advantage of the new currency. This advert offers convenience and opportunity. This is the main things customers prioritize. Let’s ask ourselves a question about these exciting opportunities. They promise us all about the quickest peer-to-peer transactions, low processing fees, worldwide payments. That sounds fairly straightforward and fairly compelling.
There are numerous odd digital currencies in the world. Bitcoin has stood out among the 400. This is because bitcoin has no government regulating its currency. Small businesses are encouraged to use this seamless transaction rates because credit cards often have higher charges. When a card is swiped, there is a transaction fee levied on the merchant. This currency can be useful to the developing countries where people have no access to bank accounts but have cell phones. Bitcoin is regarded as anonymous to some extent. Those evading tax can prefer this currency. The value of bitcoins at the moment is $680.
However, there are serious drawbacks contained in bitcoins. The largest of them is the government policy regarding the risk of theft, Bitcoin trade, volatile values, and speculation as a tool.
Most governments do not treat Bitcoins as a valid currency. The IRS considers this currency to be similar to bonds and stocks. This means that bitcoins trade should bring the tax to the government. When value increases from the time an asset was bought, a capital gain tax is paid. This applies to bonds, stocks, property, and precious metal. Normal currency does not face this concern. The threat of theft is another concerning issue. Bitcoin is also a risky investment. This is due to the fluctuating market value. It is also a volatile currency. It is worth keeps changing on a daily basis.