Bitcoin: Why use cryptocurrency?Eye Spy Blog 2
What is cryptocurrency?
In its simplest form, cryptocurrency is digital money. There is no physical form. Unlike traditional currency, it’s a commodity that allows you to make purchases online. Cryptocurrency, such as Bitcoin, has no central jurisdiction. It is not backed by the government or bank. Unlike the dollar, cryptocurrency has one global rate. This is intended to allow you to make safe payments and anonymously store money.
The economic crash of 2008 prompted Satoshi Nakamoto to create the first form of cryptocurrency. In the wake of Occupy Wall Street, Bitcoin was the pioneer of peer-to-peer technology at the time. Bitcoin was leading the way to eliminate the middle man in transactions. Eliminating interest fees, making transactions transparent and fighting corruption along the way. It was a slap in the face to the big banks. Mainly because it was operating with no server or single entity running the show. Rather than store your money where you depend on an organization or the government to safeguard it, you hold on to it through an encryption only you have the key to.
Why Use Bitcoin?
- Anonymity – Bitcoin purchases are discrete and cannot be traced back to a user. The address generated for purchases changes with each transaction.
- No Third-party Interruptions- Bitcoin is purely peer-to-peer so governments and banks have no way to interfere with transactions or place freezes on Bitcoin accounts.
- No Taxes- Since the middleman is cut out there is no way for third parties to track transactions, therefore sales taxes are not added to any purchases.
- Low Transaction Fees- Bitcoin has no government involvement so this keeps the costs of transacting very low. This is especially beneficial for travelers because it eliminates the typical authorization requirements and long wait periods.
- Mobile Payments- Most online payment systems allow users to pay anywhere they have Internet access. However, unlike payments made with credit cards or bank accounts there is no personal information needed to complete a transaction.
At Eye Spy Investigations we are always keeping our eye open for new ways we can cater to our clients preferences and needs. Bitcoin is just another avenue we have taken to give our clients an additional way to pay, while providing an extra layer of protection for your information.
If you are interested in our services or want a free consultation, please do not hesitate to call or talk to one of our private investigators on our 24/7 live chat. Call the Michigan Private Investigators at Eye Spy Detective Agency today at (586) 285 – 5000. For more information visit our website at www.EyeSpyInvestigations.com
They can run, but they can’t hide from EYE SPY.