1. Merits of Bitcoins by David Zimbeck
Most people have heardof the termBitcoinbutdon't have a clear ideaof whatit reallyis.Simply
defined,Bitcoin isadecentralized,peertopeer,digital currencysystem, designedtogive online
usersthe abilitytoprocesstransactionsviadigital unitof exchange knownasBitcoins.Inother
words,itis a virtual currency.
The Bitcoinsystemwascreatedinthe year2009 by an undisclosedprogrammer(s).Since then,
Bitcoinhasgarneredhuge attentionaswell ascontroversyasan alternative toUS dollar,Eurosand
commoditycurrenciessuchasgoldand silver.
As a newandgrowingvirtual currency,Bitcoinhascertaindistinctadvantagesoverthe conventional
governmentflatcurrencies. DavidZimbeck explains followingbenefitsthatyouwill enjoywhen
usingBitcoin
1) No Taxation
Whenyoumake purchasesviadollars,eurosoranyothergovernmentflatcurrency,youhave topay
an additionsumof moneytothe governmentastax.Everypurchasable itemhasitsowndesignated
tax rate.However,whenyou're makingapurchase throughBitcoin,salestaxesare notaddedto
your purchase.Thisisdeemedasa legal formof tax evasionandisone of the major advantagesof
beinga Bitcoinuser.
2) Flexible Online Payments
DavidZimbeck saysthat Bitcoinisan online paymentsystemandjustlike anyothersuchsystem, the
usersof Bitcoinhave the luxuryof payingfortheircoinsfrom anycorner of the worldthathas an
internetconnection.Thismeansthatyoucouldbe lyingonyour bedandpurchasingcoinsinsteadof
takingthe painof travellingtoaspecificbankorstore to getyour workdone.
3) Minimal TransactionFees
Feesandexchange costsare a part and parcel of standardwire transfersandinternational
purchases.Bitcoinisnotmonitoredormoderatedbyanyintermediaryinstitutionorgovernment
agency.Therefore,the costsof transactingare keptverylow unlike international transactionsmade
viaconventional currencies.
4) ConcealedUserIdentity
All Bitcointransactionsare discrete, orinotherwordsBitcoingivesyouthe optionof User
anonymity.Bitcoinsare similartocash onlypurchasesinthe sense thatyourtransactionscan never
be tracked back toyou and these purchasesare neverconnectedwithyourpersonal identity.Asa
matterof fact,the Bitcoinaddressthatiscreatedfor userpurchasesisneverthe same fortwo
differenttransactions.

2. 5) No outside interventions
“One of the greatestadvantagesof Bitcoinisthatit eliminatesthirdpartyinterruptions.Thismeans
that governments,banksandotherfinancialintermediarieshave noauthoritywhatsoevertodisrupt
usertransactionsor freeze aBitcoinaccount” DavidZimbeck.Asmentionedbefore,Bitcoinisbased
strictlyona peertopeersystem.Hence,the usersof Bitcoinenjoygreaterlibertywhenmaking
purchaseswithBitcoinsthantheydowhenusingconventional nationalcurrencies.