Many people must be wondering what Bitcoin is. Well Bitcoin is an electronic currency that seeks to revolutionize how business is done around the globe. It is very ideal for cross border trade and for global markets. Today many international firms and entrepreneurs who need to make their financial transactions really easy have crossed over to using Bitcoins. Here are some of the best reasons why you should use Bitcoins today.
Bitcoins are independent. They don’t have any rules and regulations from any central authority. What this means is that no government or central bank has any authority to control their use. This provides every user with an independence of controlling their own finances and also making very independent choices among other things.
Bitcoins also come with lower fees than any other conventional form of online payments. This is good for business and in cutting the overall costs of making financial transactions across any form of payments. In fact other online services and applications that have been built around the Bitcoin system also carry less or no fee at all.
Bitcoin is also the largest form of crypto-currency in the market today. This means that it can allow you to carry around large sums of money without having to worry about the bulkiness. Remember, Bitcoins are electronic. So if you are looking for the largest market cap available today your best choice would lie with Bitcoins.
Bitcoin has been exempted from VAT. This came in as a result that Europe regulated Bitcoin as a commodity. It therefore follows that the price of Bitcoin is determined by the demand and supply. Because of these new regulations, people are flocking in to buy Bitcoins tax free. This is good for businesses that are trading across border.
Bitcoin is also a great substitute for gold and a better option for storing value. Remember it has been regulated as a commodity just like gold. With this firms don’t have to worry about the equities and stocks as much. They can now use Bitcoins to store money the market volatility will definitely create an inflow of money into Bitcoins.
Bitcoin has also been embraced by more companies. This is good for financial markets, businesses, and cross border trades. Indeed this brings more players into the Bitcoin platform and in turn opens up greater reach for the use of Bitcoins in the market today. As more companies adopt Bitcoin the demand for its market use also shoots.
Bitcoin also prevents bank runs and minimizes loses. Basically you have to hack into systems to try and pick Bitcoins. Well that’s not quite possible as it won’t go unnoticed. Remember Bitcoins have hit an all time high of 1Bitcoin equaling $1400. How on earth will you take a run with such money? Therefore Bitcoins will currently trim bank runs.
Coin Geek advices that having your money stored electronically is the safest option any shrewd business will choose to go with. Bitcoins offer the safest option yet for every form of currency around the world today.
If you are a new business looking at international markets, you probably need to look into Bitcoins too. You can take your time to do business the safest way and also get your finances under check with Bitcoin.
This post is part of our contributor series. It is written and published independently of TNW.
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