We all are very much aware of the potential of blockchain as well as bitcoin.Even though it has its own share of lean phase,which it goes through every now and then, nobody could deny its capabilities on how it could lead the world to more advancement and modernization.Since it had arrived to the picture,it already has shown some remarkable modifications it has brought to the world.
Secure communication
It uses peer to peer technology and block transfer system making hard for outsiders to seize your money,not only that it also could not be track down,unless users themselves publish their wallet address.The blockchain technology is a public ledger platform of all the bitcoin transactions.It also maintains the privacy of the user as it is very easy to generate new wallet address.It is not possible for anyone to steal the bitcoin as well as other digital currency as , to access any specific user account it is necessary to acquire physical access of their computer ,then only the bitcoins could be sent to other account.
No taxes levied and minimal cost for the transaction
For transaction,it is necessary for the client to authorize every single transaction in the network, keeping sender and receiver connected while the process is taking place which causes reduction in transaction fee and makes it more economical.Also,as no third parties play any role in its transaction process ,therefore no taxes levied on it.The transaction is an irreversible process and cannot be reverted back so there is no chargebacks.
It uses peer to peer technology and block transfer system making hard for outsiders to seize your money,not only that it also could not be track down,unless users themselves publish their wallet address.The blockchain technology is a public ledger platform of all the bitcoin transactions.It also maintains the privacy of the user as it is very easy to generate new wallet address.It is not possible for anyone to steal the bitcoin as well as other digital currency as , to access any specific user account it is necessary to acquire physical access of their computer ,then only the bitcoins could be sent to other account.
No taxes levied and minimal cost for the transaction
For transaction,it is necessary for the client to authorize every single transaction in the network, keeping sender and receiver connected while the process is taking place which causes reduction in transaction fee and makes it more economical.Also,as no third parties play any role in its transaction process ,therefore no taxes levied on it.The transaction is an irreversible process and cannot be reverted back so there is no chargebacks.
For transaction,it is necessary for the client to authorize every single transaction in the network, keeping sender and receiver connected while the process is taking place which causes reduction in transaction fee and makes it more economical.Also,as no third parties play any role in its transaction process ,therefore no taxes levied on it.The transaction is an irreversible process and cannot be reverted back so there is no chargebacks.
Helping Start-Ups
The ICO's we could witness today,are actually an online business start-ups that are opting for the tokens to raise their investment as it is very difficult to attract venture capital for investment as most of it are concentrated on silicon valley and places like that so as to give their business ideas, a shape in reality.The blockchain technology has helped the budding entrepreneurs in a very prominent way.These tokens are issued on ethereum blockchain and raised over 1 billion dollar in 2017 itself.
Providing financial services
It really easy to save bitcoins and other cryptos and to do online purchases. Especially for those people all over the world who does not have any banking facilities or accounts,to do some kind of future savings so that they could make their future more secure from being penniless.It not only provides them the facility to easily save money but also give them luxury to do online purchases.What you need to do is to download a wallet,and start your savings.There are different wallet apps which could be easily downloaded on mobile and save your money and do transactions anywhere anytime.
Out of reach from the control of the governments
Governments of the countries could do nothing to put limitations on its use.That is why there are many industries which are benefited due to cryptocurrencies like gambling,casinos and many more.These businesses are not only earning money in their own countries but due to cryptocurrencies they have found global reach.Now they are also spreading their businesses offshore as the transactions in cryptocurrencies are easy,cost effective and secure.
Preferred over 'YELLOW ELEMENT
"Yellow element" is nothing but gold which find its competitor in bitcoin which can be called undoubtedly as Digital Gold is preferred by current generation due to obvious reasons we all know.It not only provides security from the eyes of law but also offer mobility.The complete control over your money which it provides, actually makes it special.All you need to do is to keep your private keys safe and secure.
The Future
The future of cryptocurrencies hugely depends on the major organizations like banks,governments,companies and other authorities .As soon as these entities will be able to make their utterly confused stand clear on cryptocurrencies, its future will begin to shine bright,as they don't have full knowledge about what it is and how actually it works.That's why it is hard to find a global firm or any accounting firm which could exactly explain what it is and how it really works.