Bitcoin is one of the world’s most used cryptocurrencies. It can be used to trade things, trade for other cryptocurrencies, etc. What is bitcoin mainly for? Bitcoin allows money to be transferred online quickly, secure, and without any third-party. Bitcoin is stored in Bitcoin Wallet, which is very secure. Unlike a bank, a third-party is needed if you are transferring money to another country. Bitcoin also helps reduce the fee paid by the third-party; bitcoin only has a transaction fee that is a lot lower than the fee charged by the third-party. The Bitcoin system is peer-to-peer; traders will not get interrupted by any third party. Bitcoin transfers were very fast, unlike banks needing 5 to 10 working days to transfer money from one country to another country.
Bitcoin is the most used cryptocurrency for buying and selling things on different websites. As we have seen by now, bitcoin is a digital currency that has its system. We also know that bitcoin is not only transferring money and buying things but also used for other things like trading, investing, and more. And since bitcoin is a digital currency, it can be easily transferred from person to person or from one country to another country, just like how you transfer money online through PayPal or other payment systems. Bitcoin users will pay a very low fee compared to the fee charged by third-party networks such as PayPal or Visa/MasterCard.
Bitcoin has different ways of transferring money and buying things on different websites, but what if we want to buy something without paying any fee? There are many ways that you can use to buy something without paying any fee, just like how bitcoin users will use the method mentioned above to buy something without paying a fee. For example, if you want to buy something from Amazon, you can use a bitcoin wallet like Coinbase or Blockchain to buy that product without paying any fee. Although this method is very good and faster, this is not the only way. There are other ways to buy things without paying any fee or with a very low fee.
For example, some online payment systems accept bitcoin as payment for their services, such as Bitcoin prime, Coinpayments, CoinKite, and others. These online payment systems will not charge any transaction fee for their services. The only thing they charge is the commission which varies from website to website. In short, if you want to pay for your product with bitcoin, there are many platforms that you can use to do so at no cost, such as Paypal, Amazon Gift Card etc.
Bitcoin is one of the most secure currencies globally because it has a security system called blockchain technology which will make sure.
The benefits of bitcoin. Some people like to use Bitcoin as a payment for illegal drug traffic. Some of the country’s governments have to create a law against this illegal activity. Adscititious, written by Bajapai (2019), countries such as Russia, China, and Vietnam have banned the use of Bitcoin. This results from the decentralized nature of cryptocurrency, which can cause many illegal problems such as drug trafficking and illegal transaction. In addition, in 2017, Liang stated that China banned all the “Initial Coin Offering” related cryptocurrencies because it is accused that “Initial Coin Offering” is a government unauthorized fundraising campaign. Since the “Initial Coin Offering” does not need approval by authority and cannot be controlled by the government.
In other words, policies such as Know Your Customer policy were implemented in the cryptocurrency ecosystem. The government creating a law against cryptocurrency will affect how the investor views cryptocurrency. When the government created the law for cryptocurrency, it limited cryptocurrency usage. For instance, in 2018, Reina stated that the price of Bitcoin plummeted after the government of China declared closing all the domestic cryptocurrency exchanges. The cause of the price of cryptocurrency plummeting due to the number of usages of cryptocurrency decreases and losing its value. Different from China, the finance minister of Russia banned cryptocurrency but not blockchain technology. Some countries choose to ban bitcoin, and some decide to let their citizens have the freedom to trade bitcoin. It Depends on the country itself. It is still a comes to the citizen.
To conclude the article, the government should respond immediately before it is too late. Investors should be careful when investing in cryptocurrency. The local authority can raise awareness of cryptocurrency by organizing multiple campaigns worldwide. Thus, the government should take responsibility for solving the negative impact of cryptocurrency on the economy and resolving the investors’ issues when investing in cryptocurrency.
