Advertising
Advertising

4 Potential Benefits of a Bitcoin Currency

4 Potential Benefits of a Bitcoin Currency

Current understanding and use of Bitcoin as a currency is not straightforward. More importantly, despite little awareness regarding Bitcoin in the public, the currency has registered exponential growth within half a decade.[1] Its progressive development and potential advantages as a global currency has outdone any other national currency in history. This explains why in conventional use, Bitcoin is a virtue goldmine. Bitcoins present an extremely rewarding, profitable, and reliable investment, both in terms of income generation and in reducing operational expenditure.

This article acknowledges that the technical details of Bitcoin technology may be irrelevant from the perspective of investors and or businesspersons. The brief discussion excludes the focus on the crypto-currency model, the cryptography mathematical model, the use of block-chain technologies, which may not be as important as the realization of the potential benefits of a Bitcoin wallet. As such, the article seeks to exclusively review the realistic user-based advantages of using Bitcoin as a currency. Before listing the potential advantages, however, it is important to provide a succinct history of the currency.

Above the technical profile, the question of how one may benefit from using the Bitcoin currency remains. In other words, why should you invest in the Bitcoin currency? Here are four reasons that define Bitcoin as a currency of tomorrow, and its relevance in a globalized future:

Advertising

1. Absence of a Central Authority and Jurisdictional Regulation

Transactions in Bitcoin are based on a consensus network where peers send and receive a purely digital currency. There is not a nation, agency, or individual who owns and controls the Bitcoin currency. This means that unlike contemporary national currencies, Bitcoin is a payment system empowered and defined by its users, and thus it lacks a central authority in charge of its circulation. Further, Bitcoin transactions do not require or facilitate intermediaries/middlemen, such as banks, in the contemporary financial world.

The absence of any central authority thus gives total and absolute control to Bitcoin users globally, regardless of their jurisdiction or residence and qualifies the currency with unlimited exchange freedom. Bitcoin transactions are feasible any time, from anywhere, between anybody, and without rules and regulations that are common with modern bureaucracy. This defines the infinite potential for an investor or a businessperson for never having to observe the day or time (where weekends of during night time) of transaction, as well as peer location or personal identity of peers you transact with. In the words of Satoshi Nakamoto, Bitcoins can be “transported over a communications channel” to a global user.[2]

2. Capitalization on an Anonymous Virtual Identity

To begin with, Bitcoin omits and does not require personal information or identity in any transaction. Transactions do not rely on the names of sellers and or buyers, and they do not even record personal addresses. Each user has a unique Wallet ID, which constitutes their virtual identity. Furthermore, Bitcoin eliminates any risks when transacting with merchants or customers.

Advertising

Bitcoin transactions come with a high level of security because they are:

  • Secure from charge-backs and fraudulent losses
  • Ledger-systemized
  • Irreversible
  • Accounted for and recorded in a public log based on unique user’s Wallet ID
  • Based on user agreements, making PCI compliance for all transactions irrelevant

Governments and organizations have risen up, severely opposing this benefit of a Bitcoin currency, arguing against potential abuse. Assorted interests have pointed out the likelihood of Bitcoin usage in drug trafficking and illicit commerce.[3] In the meantime, businesses are protected and galvanized regardless of the limited personal identity required.

3. Acquisition Integrity and Usage Mechanisms

Receiving and sending Bitcoins from and to peers (Bitcoin users) is not only reliable and secure as noted above, but acquiring a Bitcoin wallet is also as reliably systemized action.

Advertising

Bitcoin can be acquired in four distinctive ways, namely:

  • Competitive mining using Bitcoin mining hardware, where cryptography is systemized using advanced block-chain technologies
  • Payment from another user for agreed goods/services
  • Purchased with national currencies at Bitcoin exchanges
  • Peer exchange using send/receive payment arrangements

    Given that the Bitcoin network is peer-to-peer, every one of these transactions are recorded and accessibly open for review in a public ledger, known as the block chain. Therefore, the transactions can always be checked and validated in real time, as authentic transactions with highly protected digital signatures, by specialized mining hardware.

    Advertising

    4. Globalization and Tax Exemptions

    Given that Bitcoin is a digital currency that has no legal tender status ascribed to any nation or any jurisdiction, all transactions are above tax liability. In what is emerging as a form of modernized finance, Bitcoin is still a goldmine.[4] No government in the world currently taxes any capital gain, income, or payroll limits recorded on Bitcoin. The practicality of that single fact, not only consolidates Bitcoin as a global currency, but also offers infinite potential for investors and businesspersons to benefit from the no-tax transactions.

    Featured photo credit: Antana via flickr.com

    Reference

    [1] http://www.businessinsider.com.au/bitcoin-price-skyrocketing-june-13-halvening-2016-6
    [2] http://www.huffingtonpost.com/david-seaman/bitcoin-is-not-what-you-t_b_11071712.html
    [3] http://www.businessinsider.com.au/potcoin-and-dopecoin-2014-3
    [4] http://www.huffingtonpost.co.uk/paul-mcneil/finance-modernized-by-bit_b_12760672.html

    More by this author

    Vikas Agrawal

    Vikas is the co-founder of Infobrandz, an Infographic design agency that offers creative visual content solutions to medium to large companies.

    How to Create an Infographic Resume That Will Impress Your Future Employer How I Get Things Done with Only Half of the Time Others Need Writing a Great Value Statement Can Bring In Tons of Money for Your Business All-Natural Tips for Fighting Insomnia and Sleeping Better 6 Signs that Your Family is Ready for a Pet

    Trending in Technology

    1 18 Best Time Management Apps and Tools (2020 Updated) 2 10 Best Task List Apps to Boost Productivity in 2020 3 25 Essential Windows Keyboard Shortcuts You Need to Know Now 4 7 Clever Goal Tracker Apps to Keep You on Track in 2020 5 10 Tools to Start an Online Business without Breaking the Bank

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on May 28, 2020

    18 Best Time Management Apps and Tools (2020 Updated)

    18 Best Time Management Apps and Tools (2020 Updated)

    No one can dispute the countless benefits technology has brought us. Undoubtedly, it has allowed us to connect, perform, improve, and leverage our resources beyond what was once imaginable.

    If you’re not taking advantage of some of the hundreds of time management apps and tools out there, you’re definitely missing a trick.

    But with so many apps to choose from, how do you know which ones to use?

    Well, this will depend on your needs. That’s why we’ve put together a list of 18 of the best time management apps that can help you with the most common challenges of managing time.

    Let’s dive straight into the list.

    1. Rescue Time – Use Your Time Wisely

      If you have doubts if you are using your time sensibly, this app will send you weekly reports to indicate what things are stealing your time. Aside from its automatic time-tracking feature, this app also has distraction blocking and efficient report tools.

      RescueTime helps you avoid being overwhelmed by too many tasks. This app also has a team software that’s dedicated to time management among team members. With this app, you may be shocked to discover how much time you’re actually wasting.

      Available on iOS, Android, and Desktop

      2. Remember The Milk – Keep on Top of All Your Tasks

        If you’re struggling to manage everything you have to do, and you work with many different devices, then this is the app for you. It’s a great free tool that is compatible with your mobile, computer, Gmail, Outlook, etc., and it allows you to sync all your devices for easier time management.

        This app will help you to manage your tasks easily and reminds you of them – wherever you are. You can share tasks and lists with others, making it a great tool for teams as well.

        Available on iOS, Android, and Desktop

        3. Focus Keeper – Boost Motivation to Complete Tasks

        Advertising

          This app is based on the principles of the Pomodoro Technique, and it is aimed at individuals who procrastinate and feel overwhelmed by tasks. It has a simple, efficient user interface that is easily customizable based on your needs.

          Focus Keeper is designed to enhance your focus and remove any anxiety you might have with time pressures. This is a great app to use if you want to prevent yourself and your team from being burned out.

          Available on iOS, Android, and Desktop

          4. Toggl – Keep Track of Time Spent on Projects and Tasks

            Effective time management starts with being clear on exactly how much time you actually spend on your projects and tasks and through analysis – working out how you can manage them more effectively. Toggl allows you to do all this even with its simple design.

            Toggl includes great time-saving features integrated with its intuitive interface. This is a great alternative to time-sheets if you need to track how much time you spend on different projects.

            Available on iOS, Android, and Desktop

            5. Dropbox – Store and Send Large Files Easily

              There are many apps that allow you to transfer content from your computer to other devices, but Dropbox is free and it is easier to use than the others. With the Dropbox app, you can even access and share important files on the go. It is an easy way to share your files and documents with others for improved productivity.

              Available on iOS, Android, and Desktop

              6. Evernote – Keep All Your Notes in One Place

                Evernote is a free productivity tool that allows you to capture all your ideas, thoughts, and images in many different ways (e.g., with voice, notes, or images). You can even record your meetings, interviews, speeches, and ideas, create lists, add voice or text attachments, and share your files with friends. You can also sync Remember The Milk with Evernote to better optimize your time.

                Available iOS, Android, and Desktop

                7. MindNode — Focus on Tasks at Hand With Mind Mapping

                Advertising

                  Mind mapping is a great productivity technique, and Mindnode is one of the best free mind mapping apps available. It helps you to become more organized by focusing your thoughts – thereby gaining clarity on what needs to be done.

                  This app allows you to customize various visual tags and templates to suit your needs. You can also easily share your documents with others.

                  Available on iOS and Desktop

                  8. GoodSync – Back Up and Sync Your Files Effortlessly

                    This software allows you to back up, restore, and synchronize your files easily. It supports folders from a variety of locations, and it has filtering options that let you exclude subfolders from synchronizing.

                    This app also allows you to sync files to and from your phone. If you have never backed up your files before, you should definitely take a look at this tool.

                    Available on iOS, Android, and Desktop

                    9. MyLifeOrganized (MLO) – Manage Your To-Do Lists Effectively

                      Check this out if you find it difficult to manage all your tasks, work with your to-do lists, and organize your goals. This task management software helps you target what you should be focusing on to reach your objectives.

                      MyLifeOrganized is one of the best task management apps for focused work. It automatically generates to-do lists with priority actions for your immediate attention so that you can track your progress methodically.

                      Available on iOS, Android, and Desktop

                      10. 1Password – Have All Your Passwords Remembered

                        1Password allows you to keep all your passwords in one encrypted database – protected by one password. This saves you time when you forget your passwords and need to retrieve them. This also allows you to use various passwords for different accounts so you don’t compromise on security.

                        Available iOS, Android, and Desktop

                        Advertising

                        11. Pocket – Keep Your Eye on the Ball

                          When you’re surfing the web, it’s easy to get distracted by enticing and fascinating websites. That’s why you need effective time management apps like Pocket. You can use this tool to save your ‘finds’ to access and read later on at a convenient time. This prevents you from getting distracted and negatively impacting your immediate work.

                          Available on iOS, Android, and Desktop

                          12. Focus@Will – Boost Your Attention Span

                            This amazing app combines neuroscience and music to boost your productivity. According to the developers, it’s possible to increase your attention span by up to 400% using Focus@Will, making this one of the best time management apps available.

                            Focus@will is ideal for those who find it difficult to focus while studying, working, or reading. It also helps you control your ADD.

                            Available on iOS, Android, and Desktop

                            13. Alfred – Interact With Your Computer in a Smart Way

                              This small and simple tool allows you to launch your documents, project files, folders, and bookmarks with just a few keystrokes. This makes life so much easier as you don’t need to go through the start menu to access what you want. The only downside is that it’s only available for macOS.

                              Available on desktop (macOS)

                              14. Forest – Boost Your Focus by Growing a Forest

                                Forest is a unique reinvention of time management apps. This unique and fun app helps you stay focused and on-track by making you focus on another thing.

                                The concept is simple: whenever you want to focus, plant a virtual tree. If you stay focused, the tree will grow. If you lose focus, the tree will die. As the app’s name implies, you can grow multiple trees to create a virtual forest!

                                Available on iOS, Android, and Desktop (Firefox Add-on)

                                15. Trello – Track Your projects in a highly visual way

                                Advertising

                                  Trello is a hugely popular app that you may already be familiar with. It works by allowing you to create cards for tasks that you need to complete. Each card moves across the Trello board, which is typically broken into columns such as To Do, In Progress, and Completed. This serves as your cue to start working on and completing the associated tasks.

                                  Available on iOS, Android, and Desktop

                                  16. Quire – Unfold Your Ideas

                                    Quire is an innovative time management app that helps boost your team’s productivity. The strength of this app lies in its features for collaboration and ease of sharing. You can streamline and adjust your workflow based on your team’s needs and preferences.

                                    Available on iOS, Android, and Desktop

                                    17. TimeTree – Have a Shared Calendar With Your Family

                                      This TimeTree app allows families or teams to share multiple calendars and appointments with each other. So, whether you’re planning a party or running a local sports team, Time Tree can keep everyone up-to-date with all current and upcoming activities and events.

                                      Available on iOS and Android

                                      18. Todoist – Capture and Order All Your Tasks and Activities Easily

                                        Todoist is close to being the ultimate digital to-do list and one of the best time management apps out there. It’s available via browser and app, and it lets you schedule all your tasks and activities. Each item can be flagged for priority as well as a given due date. There is also a neat option to add notes to any of your tasks.

                                        Available on iOS, Android, and Desktop

                                        Final Thoughts

                                        The above list covers what we consider to be the very best time management apps and tools available. And the good news is that many of them are completely free of charge!

                                        So, what are you waiting for? Select the ones that will be the most valuable to you, and begin boosting your productivity now!

                                        More Productivity and Time Management Apps

                                        Featured photo credit: freestocks via unsplash.com

                                        Read Next