There are some questionable schemes out there, bringing misery and pain to those who get involved in them. There are some bonafides on the market as well. As for Bitcoin, it’s so new that some people don’t know where it falls on the spectrum. Bitcoin is a fairly recent form of currency that recently started to enter the main market and get notice. Alex Davidovic has weighed in on Bitcoin, and he has found it an excellent way to mine for cash. Bitcoin is a type of crytocurrency, which is a type of currency. In fact, Bitcoin was the first fully integrated cryptocurrency to hit this new market.
Trailblazers like Bitcoin often cause people to sit on the fence, waiting to see if others will follow, whether it will endure, and who weighs in on it’s ability to perform. So, now that so many other crytocurrencies have entered the market, people everywhere, except in Iceland, are starting to relax and consider Bitcoin’s merits. Using Bitcoin to launder money can get anyone in trouble, but only in Iceland is it actually illegal to trade using them.
Since Alex Davidovic is familiar and confident in Bitcoins, his experience with the currency of exchange and of the Bitcoin network, is provided. As he explains it, Bitcoin transactions are speedier than wire transfers and many other transactions. At the very most it may take 10 minutes for a Bitcoin transaction to clear.
“Even inter-bank transfers are not faster,” he commented. Many also have noticed that there is no fee or minimal fees involved with Bitcoin transactions, especially compared to credit card transactions.
“Central governments can’t take it away,” said Davidovic. This means that banks can’t recapitalize themselves by taking back money, including uninsured deposits. “You own the currency,” he stated, as he pointed out that Bitcoin currency is decentralized.
“Chargebacks won’t come back and bite you later.” This was another benefit of Bitcoin that he emphasized. A finished transaction is finished for good.
As long as you safeguard your private Bitcoin key, it’s virtually impossible for someone else to obtain your private information. While you do have to enter certain information to confirm (certify) that the Bitcoin transaction was yours, you can keep this information under wraps. Basically, you can digitally sign your transactions and an unknown miner will verity them.
“If you have sufficient computing power, you can mine (make) your own money with Bitcoin.” This may very well be one of the best perks of Bitcoin. After all, printing your own money in bill form will land you in hot water with the government.