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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 July 29, 2020

    19 Best Mac Apps for Productivity You Need in 2020

    19 Best Mac Apps for Productivity You Need in 2020

    Whether you use your Mac for work or just for your personal projects, you’ve likely found yourself wondering how to improve your productivity. There are only so many hours in a day, and so much mental stamina you can muster before you run out.

    There are dozens of tricks you can use to improve your own productivity and outlook, but if you’re looking for a more objective, comprehensive fix, the best thing to do is equip your Mac with productivity apps designed to help you do more in less time.

    This Lifehack-exclusive list has some of the best productivity apps to help you feel less tired, improve your energy, and ultimately help you get more done every day:

    1. Todoist

      Available for all iOS devices, Todoist is a note-taking and organization app that can keep you on top of all your projects—both personal and professional.

      Its best features are all free to use, including browser extensions, task creation, and interactive boards you can use to organize all your notes.

      If you want to pay the optional $29 yearly fee, you can get even more advanced features like backups and automatic reminders. Even with the free version, you’ll stay far more organized.

      Download: Todoist

      2. 1Password

        You may not realize it, but you probably spend a ton of time recalling your passwords, especially if and when you forget one to an app you use on a regular basis.

        1Password is an app for Mac that saves and remembers all your passwords for you in one place, so you can access all your favorite sites with a single click.

        You’ll save time and keep all your accounts secure simultaneously. A personal plan is $2.99 per month.

        Download: 1Password

        3. Bear

          Bear is a unique kind of note-taking app designed to make it easier for Mac users to jot down notes on the go. With it, you can create to-do lists, give yourself reminders, and outline concepts for future brainstorming sessions.

          It comes with many different inline styles so you can customize your notes to your personal preferences, and remember the context in which you wrote them. The core version is free, with a $14.99 per year version available as well.

          Download: Bear

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          4. Hazel

            Hazel by noodlesoft is an automated organization tool designed for Mac that will help you automatically organize your files based on any custom rules you want to create.

            For example, you can set it to move untouched items from one folder into another folder labeled “action items” if they haven’t been addressed within a week. It can save you hours of organization over the course of a few weeks. A single license is a flat $32.

            Download: noodlesoft

            5. Alfred

              Alfred is an all-in-one app designed to save you time with Mac shortcuts and convenient custom actions. You can use it in a variety of ways.

              For example, you can access Alfred’s clipboard memory so you don’t copy and paste the same material over and over, or set up custom workflows to automate some of your most repetitive tasks.

              It’s a paid app, with multiple price points based on the features you desire.

              Download: Alfred

              6. TextExpander

                TextExpander does exactly what the name suggests; it allows you to type a short snippet of text, and expand that text automatically.

                For example, you can create a custom expansion that allows you to conjure a full paragraph you type repeatedly by simply typing a unique abbreviation. Once you get used to your custom combinations, you’ll spare your fingers from typing thousands of words.

                An individual account is $3.33 per month.

                Download: TextExpander

                7. Backblaze

                  If you’ve ever experienced a crash, or theft of your Mac, you know how much time a system restore can cost you. You’ll spend hours replacing the files you lost, and lose thousands of files that are irreplaceable.

                  Backblaze is an automated, inexpensive way to back up your entire Mac for just $5 a month.

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                  Download: Backblaze

                  8. Keyboard Maestro

                    Keyboard Maestro is an older app that still has the power to make your life easier. With it, you can automate any number of tasks based on a certain trigger (such as a hotkey combination, or an event like connecting to a wireless network). A single license only costs $36.

                    Download: Keyboard Maestro

                    9. Snagit

                      There are many applications for a good screen-capture app, whether you’re trying to illustrate a tech problem you have or just want to make an interesting meme. Snagit makes it easy, with built-in editing for both still images and video. A single license covers two machines, and costs $49.95.

                      Download: TechSmith/Snagit

                      10. Bartender

                        Bartender is the cleverly-named app that helps you clean up and organize all your menu bar icons. You can also access them quickly with keyboard shortcuts.

                        If you’re like most Mac users, those icons get cluttered quickly and stop you from working efficiently. It’s free to try for 4 weeks, after which you’ll need a $15 license.

                        Download: Bartender

                        11. Otter

                        Otter is the Mac app for the note taker who hates typing. It’s an intelligent voice-recognition system and note-taking app that will help you transcribe your conversations, keep notes during meetings, and even take contextual notes to yourself in your own time.

                        Best of all, it’s free to get started!

                        Download: Otter

                        12. Flux

                          Do you often find yourself feeling tired throughout the day, or feeling unable to get to sleep after a day of staring at your computer? That could be because of the unnatural blue light that radiates from your Mac.

                          Flux naturally adapts your display to emit light that matches the time of day, so you can sleep better and feel less tired. It’s also free!

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                          Download: Flux

                          13. PDFpen

                          If you deal with PDFs on a regular basis, you probably find yourself wishing for some kind of tool that can let you mark up those PDFs however you want. Without a dedicated app like PDFpen, this can be difficult.

                          PDFpen lets you edit PDFs in almost any conceivable way, giving you more power and saving you time. A single license is $74.95.

                          Download: Smile Software/PDFpen

                          14. OmniFocus

                            OmniFocus is all about task management. It has a clean interface that allows you to tag your tasks, schedule events, and even automate certain features.

                            It’s one of the most comprehensive solutions on the market, so there’s a bit of a learning curve to get the most out of it.

                            A standard license is $39.99, while the pro version is $79.99.

                            Download: OmniFocus

                            15. Franz

                              It’s tiring to switch between dozens of different chat programs like Facebook Messenger, Slack, and WhatsApp, whenever you want to have a conversation with a different contact.

                              Franz’s solution is simple; offer access to all these apps in one convenient package. And best of all, it’s completely open source.

                              Download: Franz

                              16. MindNode

                                If you’re the brainstorming type, you need an app like MindNode to help you efficiently organize your thoughts. There are dozens of tools you can use to connect ideas in a mind map, or simply jot down notes for future reference.

                                The core app is free, with in-app purchases available.

                                Download: MindNode

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                                17. Focus

                                  The internet is a wonderful thing, but it can be awfully distracting. And if you’re like the majority of us, you’ve interrupted work on a project because of some attention-grabbing site or bad online habit. That’s where Focus comes in.

                                  This app allows you to block the worst offenders with custom time limits and other constraints, so you can focus on the task at hand. A single license is $19.99.

                                  Download: Focus

                                  18. CleanMyMac

                                    Chances are, your Mac isn’t working as fast as it could, thanks to gigabytes of clutter and unnecessary files on your system. CleanMyMac helps you scan your Mac, monitor its health, and ultimately clean it up—so you can handle all your tasks that extra bit faster. A single license is $39.95.

                                    Download: CleanMyMac

                                    19. Grammarly

                                      A spelling error or grammatical mistake can cost you big time. It could be the source of a worse grade on a big paper, or compromise your credibility in the workplace. Thankfully, Grammarly can help you.

                                      This Mac-integrated writing assistant monitors all your writing and makes live corrections, so you’re alerted to your potential mistakes before they become permanent.

                                      A free version exists, but the premium version will cost you between $11 and $30 a month, depending on how you pay.

                                      Download: Grammarly

                                      The Bottom Line

                                      These productivity apps should help you squeeze more productive hours out of every day, but they aren’t the only tools you’ll have to help you find success.

                                      Make the time to learn about and experiment with all the life hacks that can make you more productive. By improving your devices as well as your outlook and focus, you’ll be able to get far more done in a day, and feel better doing it.

                                      More to Boost Productivity

                                      Featured photo credit: Patrick Ward via unsplash.com

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