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4 Potential Benefits of a Bitcoin Currency

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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:

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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.

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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.

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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.

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    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

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    Vikas Agrawal

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

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    Last Updated on November 25, 2021

    How to Make Private Browsing on Safari Truly Private

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    How to Make Private Browsing on Safari Truly Private

    There comes a time when we may be searching online and don’t want the browser to remember our footsteps. The reasons don’t always have to be what we obviously think of as the main reason; for example, sometimes, you may not want Safari to remember your passwords or prompt you to enter your password when surfing the web.

    Whatever the reason, we may think that we are totally in the clear with Private Browsing on Safari and the other browsers on a Mac. However, a quick Terminal command can bring up every website you’ve visited. How do you do this? Also, how do you clear your tracks for good? We will provide both answers and more today.

      What Does Private Browsing Do?

      When activated, Private Browsing on Safari prevents your browsing history from being kept in the history tab of the application. Along with this, it doesn’t autofill information that you have saved in the browser. In this mode, you essentially become incognito and any references of previous use is essentially hidden when you are in private mode.

      For example: if you are on Facebook or filling out a form and some information or your login is already filled in in the spaces provided, this is called autofill. It’s activated by simply clicking Safari next to the Apple symbol in the menubar and selecting Private Browsing, then clicking “OK” to the prompt.

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      The reasons behind private mode differ for each individual. While we won’t go into all of those reasons, one thing that is  important to remember is that private browsing doesn’t forget the websites you visit. As we will see later on, Macs keep a second copy of the websites you visit in either mode. If you are in frantic mode looking for a solution to this, look no further.

      The Terminal Archive

      While Safari does a good job of keeping your search history out of prying eyes in the history tab, there is a less-than-obvious way to view a full list of visited websites on Mac. This is done in Terminal; the command-line emulator that allows you to make changes to your Mac.

      Terminal is located in the Utilities folder on your Mac. Once activated, simply add the command:

      dscacheutil -cachedump -entries Host

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      Once you hit “enter”, a list of the visited sites appear. Showing only the domains, the sites appear in a format of:

      Key: h_name :(website domain)ipv4 :1

      However, there’s no need to fear—there is a way you can clear this information from Terminal with a command that’s just as simple.

      Clearing Your Tracks

      Just as simply as you were able to enter the command to view the websites, you can clear the cache that Terminal showed you with the comamnd:

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      dscacheutil -flushcache

      As the command denotes, this literally “flushes” the domains from Terminal. This does not prevent the record from continuing to be recorded for future sites, however, so if that’s an issue for you, repeat this process regularly.

      Other Browsers and Private Browsing

      Other browsers have this form of privacy mode for their service. They promise many of the same things as Safari, but they do not have the same Terminal issue due to how this command only presents websites visited on Safari (the browser Macs come shipped with).

      If you use Firefox, you’ll notice that its private mode is also known as Private Browsing. Chrome calls private mode Incognito, while Internet Explorer refers to it as InPrivate Browsing. Opera is the newest to the scene, denoting it as Private Tab. Safari is the oldest well-known browser with this feature.

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      As you can see, despite Private Browsing not being 100% private, Terminal allows for your browser to be. In what ways has Terminal helped your life or allowed you to become more productive? Let us know in the comments below.

      Featured photo credit: Benjamin Dada via unsplash.com

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