The concept of Bitcoin has revolutionized the world of currencies, monetary transactions and other aspects related to it. It is in fact a digital currency that can be used anywhere, anytime and that too without the involvement of any banks or other financial institutions. At the same time, the information relevant to the two people or institutions is kept confidential as nobody can enquire about the same in any way.
Bitcoin has made the process of transactions of money in any currency quite easy. Since it is a new concept and not all people know about it therefore people are always curious to know about it. There are many Bitcoin FAQ that show interest as well as curiosity of the people in this new form of digital currency. Here are some important facts about Bitcoin that can help in answering important questions frequently asked about this currency.
Digital currency- Bitcoin is a digital form of currency. It means it doesn’t require any cash or monetary transactions. Rather it uses some gadgets such as mobile phones, or other devices using internet. In this process, there are direct transactions without the interference of any third party.
International currency- Bitcoin is an international currency. It means it can be used anywhere globally. At the same time, it is very easy to convert one form of currency into the other on the basis of exchange rates decided by the two people or institutions involved in this process. This in turn helps in keeping both parties involved satisfied in terms of monetary benefits. No one is at loss in this mode of currency transactions. And it is perhaps the biggest advantage of using this mode of currency.
Confidentiality of personal information- Unlike other forms of currencies or transactions involved therein, Bitcoin is totally a safe mode of making transactions. It helps in keeping personal information of the two people or parties involved totally confidential and doesn’t allow it to become public.
Irreversible nature of Bitcoin transactions- The transactions made under Bitcoin currency system are irreversible. It means money once transferred can’t be reversed back. It is possible only if the person or party receiving the money is ready or agree to refund the money that has been mistakenly transferred to his/her respective account.
Taxes and other legal liabilities- Although Bitcoin is not an official or approved currency and no banks or other government institutes are involved in it however it is still considered to be a valuable asset that requires you to pay taxes relevant to it. Anyone using this form of currency is bound to pay taxes involved in the use of this currency. It is always advised to abide by the laws of the state or national governments while using this form of currency.
Uses of Bitcoin- There are multiple uses of Bitcoin. It can be used anywhere such as for transfer of money, purchase of goods, donations or even for merchandise. The only requirement in use of Bitcoin currency is that the concerned organizations or institutes and people should accept it.
All these points are perhaps enough to satisfy the curiosity of people as far as Bitcoin is concerned.
