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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:

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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 October 5, 2020

    10 Best Calendar Apps to Stay on Track in 2020

    10 Best Calendar Apps to Stay on Track in 2020

    The success of our day is largely dependent on the quality of our planning. Not to miss out anything in their to-dos, some people prefer to make a list of upcoming tasks in a notebook, while others have long started using digital technology solutions.

    Calendar applications are some of the main tools that are worth using to organize our life and plan your time carefully.

    Many people have switched to specific tools; however, there are still some who do not use calendars on a daily basis. They may find some applications uncomfortable to use, non-functional, or expensive.

    In this article, we are going to check out the best calendars apps to help you stay organized.

    Before You Download

    As you are no doubt aware, there are all kinds of calendar apps available. Instead of you sifting through the hundreds of them, we’ve handpicked 10 of the best calendar apps you can get. On top of glowing reviews from each one, we’ve considered the following aspects when creating this list:

    • User Interface – How you navigate the app should be smooth and simple. The buttons on the app should be clear, obvious and easy to move through.
    • Synchronization – Whether it’s with other calendar apps or with other apps, syncing apps should be easy and enhance your overall experience with the app.
    • Additional features – Since there are so many options for calendars, many of these apps offer additional features. These features make the apps stand out from the other apps and provide unique experiences to you.

    1. Any.do Calendar

      This calendar has direct integration with Any.Do To-Do List, which gives you a unique tandem of two applications.

      Apart from its extended functionality, Cal Calendar is easy to use. The creation of events is very simple and fast.

      What is more, depending on the name of the event, the application automatically adds contacts and geolocation data to the entry description. You can even import your lists and entries from Any.do.

      Any.do Calendar is a great option for any type of user. It is very convenient and doesn’t overcomplicate the mode of display.

      Another good thing is that this tool is available for free, so you can use it without spending a dime for the software.

      Download Any.do Calendar here!

      2. Google Calendar

        Google Calendar is the official calendar for Android devices that has been tested out by many users around the globe. If you are right now trying to get away from it, consider changing your mind.

        Since this application is installed on most Android devices by default, many users think that there is nothing special in this program. They are wrong.

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        Google has been updating its calendar for quite a few years, and now it comes in Material Design with advanced event features, direct integration into other Google services (for example, supports reminders and Google Now), and comes with Exchange support.

        The program is super easy and will not cost a dime for you. It is a good thing, right?

        Download Google Calendar here.

        3. IRL Event Social Network

           

          One of the most unique apps on this list is the IRL Event Social Network app. As you can guess from the name, the core focus of this app is social networking. Unlike other social media platforms, you can consider this platform to function similar to Meetup.com. It’s a site where you can connect with other people within your area that share a similar interest.

          IRL is that while also providing a convenient calendar for you to schedule events and plan out your day. Though due to it being a secondary focus, you’re lacking a lot of the syncing aspects that other apps have on this list. Regardless, because of this huge social feature, it’s worth considering for those who want to make more connections.

          Download IRL Event Social Network here.

          4. Business Calendar

            Business Calendar is geared towards people who use their calendar for work purposes and business task planning. It offers different modes with wide configuration capabilities.

            The application gives a default view mode by months, and events can be marked in different colors. Display modes/ sorting can be adjusted to your needs (by month, day, year, or events).

            You can also set a multi-day viewing mode to see how things look for the next few days. Scrolling up and down moves you by month, and if you check a few days, they will be shown in a more detailed form.

            The day display mode offers hourly scheduling, and the schedule mode provides a detailed schedule for a single event.

            Business Calendar is a great tool for planning/ scheduling cases, tasks, and events. There is a support for recurring events, which can be set up in just a few clicks.

            Having purchased software, you can use it to import and export other calendars, delete, copy, or move several events at the same time.

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            Android Business Calendar application may seem somewhat chaotic, but it works fine and is easy to work with if you play with it for a while.

            A full version of the application is available for $4.99, but you can also find a free version for the app test drive.

            Download Business Calendar here.

            5. Calendar

              Calendar is a relatively new app. It works as a web app and for both iOS and Android devices. It is an intelligent app that learns your contacts, schedule and tasks. It also helps you schedule and arrange meetings according to your available time slots.

              A good thing about Calendar is that it allows you to sync up with other calendars you use such as Apple Calendar and Google Calendar. And so you can manage all the calendars you have in one place.

              Calendar also gives you analytics of your meetings, giving you a clear picture on how you can improve your time management.

              Download Calendar: Meeting & Scheduling here.

              6. aCalendar

                aCalendar opens our collection of top 10 calendar applications available on the market today. With its appealing design, easy navigation, and great functionality, it is one of the most popular calendar apps in our list.

                Some of extra functions include color schemes for each case type (48 colors to choose from), different types of demonstrations, different widgets, moon phases, and much more.

                Taking into account it functionality, aCalendar is a reliable calendar application that has an easy-to-navigate interface with three display options. Scrolling from side to side allows you to switch between the display modes of the month, week and day.

                When scrolling down and up, you are moving through the calendar at intervals in accordance with the selected display mode.

                Apart from its time planning feature, aCalendar synchronizes photos from contact lists or social networks to remind you about birthdays, anniversaries, or any other special dates.

                The program also supports data transfer through NFC and full-screen widgets, which eases your work with any data.

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                The program is available for free, but you can also get even more features if you buy the extended version of software for $4.99.

                Download aCalendar here.

                7. DigiCal Calendar

                  DigiCal Calendar is very similar to Cal Calendar in the fact that the application focuses on design more than on its functionality. However, this doesn’t mean that the application doesn’t serve the purpose.

                  With this calendar application, you can synchronize all your calendars and view them in different ways.

                  Along with the basic functions, this program comes with support for Google Calendar, Outlook, and includes some unique and interesting features. You can match keywords to the image or set up a dark theme.

                  The app can even show you the weather forecast for three days. There are many other features that deserve the attention of people who really like to use calendar applications.

                  Download DigiCal Calendar here.

                  8. SolCalendar

                    SolCalendar can be called a universal application. It claims to be an all-in-one digital solution having a basic calendar functionality combined with some other advanced features, such as weather forecast for a specific day.

                    The application supports Google Calendar, as well as tasks, widgets, lunar calendar and even Foursquare.

                    Those searching for a calendar application to cover just everything in its functionality, SolCalendar is a program to consider. There are a lot of interesting things in this application; the program does an excellent job working in “all-in-one” mode.

                    Test SolCalendar – the application is available for free. You can test it out without purchasing the service.

                    Download SolCalendar here.

                    9. Today Calendar

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                      Today Calendar is one of the most hip and edgy calendars in our list. The solution was one of the first ones that really embraced Material Design and remains one of the few that adhere to the neat style.

                      The calendar application offers bold colors, simple controls, and great functionality. This is not as heavy an application as many others; it will not eat all the memory of your device.

                      If you are not searching for something complicated and over-functional, Today Calendar is what you need. You can always test the application before paying for it – the program is available for free.

                      Download Today Calendar here.

                      10. Timepage

                        Timepage is an intuitive calendar app that will manage your time in a way that other calendar apps can’t. It offers the same sort of functions that you’d expect from other calendar apps: opportunities to record events, notifications and reminders, weather, and driving duration to a particular event. However, the app goes beyond those functionalities in two ways.

                        The first way is that while the app sends you notifications, it also has reminders for you for what is coming up next. That bit of extra time can allow you to prepare and make adjustments to your day if need be.

                        The second function – which is more important – is the heat map when you go to see the full view of your calendar. This heat map indicates what days you are most busy and other days where you are freer. This heat map provides a quick glance to determine broadly what days are good to add more events and other tasks.

                        Download Timepage here.

                        Our Verdict

                        Searching for the right application to manage your various calendars and plan your busy day can sometimes turn into a streak of obstacles.

                        Most of us need flexible applications that can be easily used to manage our tough schedule. The application should have all necessary time planning functions and be intuitive.

                        Stylish design and limitless compatibility also matter. It is not always easy to find such a program.

                        The above digital calendar solutions fall under the category “worth” of being used. They are modern, multifunctional, easy, and easy. Pick the one you like!

                        More Productivity Apps for Better Time Management

                        Featured photo credit: Unsplash via unsplash.com

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