USES OF BITCOIN
Research and inquiries have made toward the methods of BITCOIN in the world. Bitcoin is one of the best assets in the world that cannot be confiscated by any power or any authority. It is very vital for you to keep your bitcoin secret. Don’t allow or tell anybody that you are with bitcoins for this property to hold. Buying your crypto in cash from other customers will limit the possibility of your bitcoin to be connected to your government identity. You can now secure and store the bitcoin without having a phobia for tax evasion, concealing assets in a divorce.
You better understand the fact that buying bitcoin directly from an online exchange market like coinbase is very different from buying from BTM or buying it in person because coinbase will want you to use your digital personality, i.e., they really know who you are, and your bank account is also with them. While BTMs will as well need your identity though you can make up to be another person if you have their ID card with you, i.e., they can identify who the buyer is, but it can only be done with their government ID or with palm print.
But if you pay them, it means that the government ID will not be your digital id. Bitcoin purchasing is the best anonymous process to buy bitcoin in-person.
The danger of connecting or linking your bitcoin acquisition to your identity is that, if you are a crypto seller that permits people to deposit money directly into your bank account, it is risky and it will trouble down the road. Gavin Wood who created Ethereum has noticed it out the robust way as the FinCEN enquired him for money launder. Now let look into the uses of bitcoin.
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It can be used in making donations to entities in which the government will not like. Bitcoin can also be used to buy goods and also gambling in jurisdictions which are not acceptable by the government.
it can use in hiding some assets from spouse and also purchase services that the government loath. Bitcoin can also be used to transfer assets from one country to the other like the Chinese purchasing mining materials to exchange fiat into bitcoin.
Most of the large and small retailers are not accepting CRYPTOCURRENCY as a medium for payment. Many people prefer to hold part of their wealth in security stored bitcoin in which the central authority cannot wedge entrée.
Bitcoin has pseudonymous features, i.e., bitcoin member can be seen with public keys instead of identified by their real-world identities. For some people, this process gives a craving or desired level of privacy that most of the traditional digital payment system do not. This situation happens in a place where many people are taking off from abusive partners and working outside the jail of oppressive governments. But unfortunately, there is the existence of flipside in the privacy, so the capability for bitcoin is helps in the wrong and criminal reasons.
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