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4 Reasons Why Bitcoins Are Such a Big Deal

There is a lot of controversy around bitcoins. Here we have discussed the top 4 Reasons Why Bitcoins Are Such a Big Deal.
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Title: 4 Reasons Why Bitcoins Are Such a Big Deal 1 4 Reasons Why Bitcoins Are Such a Big Deal 2 Index
  • 4 Reasons Why Bitcoins Are Such a Big Deal
  • Bitcoins are not created by any central bank, nor regulated by any government
  • Bitcoins completely bypass banks
  • Bitcoins are changing how we store and spend our wealth
  • Bitcoin Transactions are Irreversible.
  • 3 4 Reasons Why Bitcoins Are Such a Big Deal 4 4 Reasons Why Bitcoins Are Such a Big Deal
  • There is a lot of controversy around bitcoins.
  • These are the top reasons why bitcoins are  
  • 5 1. Bitcoins Are Not Created By Any Central Bank, Nor Regulated By Any Government 6
  • Accordingly, no banks are logging your money movement, and government tax agencies and police cannot track money.
  • It is bound to change eventually, as unregulated money is a real threat to taxation and policing.
  • 7
  • Indeed, bitcoins have become a tool for the contraband trade and money laundering, precisely because of the lack of government oversight.
  • The value of bitcoins skyrocketed in the past because wealthy criminals were purchasing bitcoins in the large volumes.
  • Because there is no regulation, however, you can lose out immensely as an investor or miner.
  • 8 (No Transcript) 9 2. Bitcoins Completely Bypass Banks 10
  • Bitcoins are transferred via a peer-to-peer network between individuals, with no middleman bank to take a slice.
  • Bitcoin wallets cannot be seized or audited by banks and law enforcement.
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  • Bitcoin wallets cannot have spending and any withdrawal limits imposed on them.
  • For all intents nobody but the owner of the bitcoin wallet decide how the wealth will be managed.
  • 12 3. Bitcoins Are Changing How We Store And Spend Our Wealth 13
  • Since the advent of printed money, the world has handed over the power of currency to a central mint and various banks.
  • These banks print virtual money, store our virtual money, move our virtual money and charge us for the middleman services.
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  • If banks need more currency, they simply print more or conjure more digits in their electronic ledgers.
  • The system is easily abused and gamed by banks because paper money is paper checks with a promise to have value, with no actual physical gold behind the scenes to back those promises.
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  • Bitcoins are created to put the control of personal wealth back into the hands of the individual.
  • Instead of virtual bank balances that promise to have value, Bitcoins are actual packages of complex data that have the value of themselves.
  • 16 4. Bitcoin Transactions are Irreversible. 17
  • Conventional payment methods, like a credit card charge, bank draft, personal check or wire transfer, do have the benefits of being insured and reversible by the banks involved.
  • In the case of bitcoins, every time bitcoins change hands and change wallets, and the result is final.
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  • Simultaneously, there is no insurance protection of bitcoin wallet If you lose your wallet's hard drive data or even your wallet password, remember your wallet's contents are gone forever.
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