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Merits Of Bitcoins. In the world, we have different kinds of currency that we can use to transact our day to day businesses. The benefit of having a currency is that it eases the way we do business, if there was no currency, then it would be a nightmare to do business. Due to the increase in the kinds of transactions that people engage in, there has been a discovery of alternative currencies that we can use apart from the normal government legal tender currency. One such currency that people have discovered is the use of bitcoins and this is a payment method that is normally done online using internet. In the bitcoins currency, there is no central regulation authority like we have for the other kinds of currency. Bitcoins are used by individuals to pay for goods and services via the internet. These bitcoins are generated by a computer process known as mining. Just like other currencies, bitcoins can also be kept as an investment for some time and you will reap the benefits out of it later. Bitcoins exist mostly in the internet, but there is actually some tangible coins that you can feel and touch. Most people nowadays are now shifting to the use of these bitcoins to transact because of the many benefits that it has. With bitcoins, you are not restricted as to who or where you can send it to. This currency is not affected by the normal working hours in banks and the like. Data about a transaction are available and thus fraud is minimized. Government interferes with everything but this is not the case for bitcoins currency.
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The absence of there being some processing costs and fees in the use of bitcoins is an advantage to the business. Addition of extra costs is free as per the will of those that are transacting if they want the transaction to be closed out quickly. There is also the issue of less risks for the merchants due to the various advantages for example since there is no personal information that is leaked, then you are secure, you cannot be tracked in any way.
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All business activities that have been done by using bitcoins currency are recorded in a certain book and therefore you can confirm anytime you want. Absence of personal information requirements in the use of bitcoins helps in preventing someone from masquerading as you and doing something bad. Bitcoins are usually low key in that there is no interference by the federal government in any way. To prevent using of bitcoins you own by someone to do uncouth things, you can put a password or code.