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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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    Published on October 16, 2018

    7 Clever Goal Tracker Apps to Help You Make the Most of Your Business

    7 Clever Goal Tracker Apps to Help You Make the Most of Your Business

    There’s nothing more fulfilling than the sense of accomplishment you get by achieving your business goals.

    Gone are the days when you used pen and paper to take notes and manage your work day. As millennials are relying heavily on technology to manage almost everything from finances to their personal fitness, goal tracking apps are also becoming increasingly popular.[1]

    In this piece, we will shed some light on 7 such goal tracking apps that you can use to streamline your operations.

    I have handpicked these apps from a software rating web services site Best Online Reviews. Industry experts review software on these websites and help businesses to find the right solutions to meet their various, unique business requirements.

    1. Aha!

      Aha! is a California-based roadmap software provider and offers excellent goal tracking app that lets you define goals and objectives for projects. The app also lets you list out primary tasks and allows you to focus on them.

      Hosted securely on the cloud, the app offers enhanced communication tools for sharing updates through emails with select colleagues or the entire organization.

      Aha! is available on multiple platforms such as the web, Android, iOS, Windows, etc. and starts from $59 per month per user.

      Available for Web

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      2. Asana

        Asana is one of the more popular project management apps available for businesses. It lets you organize all your team’s work, such as setting up and tracking goals, creating tasks, sharing files and notes, etc.

        Asana also allows your team to organize all their tasks and focus on urgent priorities. Moreover, the app offers a delightful user experience that makes task management simple and easy.

        Asana is available on multiple platforms from PCs and Mac to iOS and Android. Multi-channel adaptability makes Asana the perfect choice to track your goals anytime, from anywhere.

        Available for iOS | Android | Web

        3. Basecamp

          Basecamp is an excellent tool to manage all your team’s projects and keep your activities organized. It opens a new thread for every task and that task is visible by the whole team.

          With Basecamp, you can schedule tasks, add to-dos, discuss tasks by adding comments, add files and attachments, and much more.

          The app is available on both mobile and desktop platforms and costs $99 per month. It is available on the web, Android, and iOS platforms and offers excellent multi-channel access.

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          Available for iOS | Android | Web

          4. Forecast

            An efficient tool for successful task management, Forecast is also a popular goal tracking app. Apart from effective milestone tracking, the app also offers convenient status reporting.

            Forecast uses project history to let you know the status of your current work. Moreover, it uses the power of artificial intelligence (AI) to provide high-quality assistance. It is a robust app for small teams to track goals and time.

            Forecast is available for free and comes with Android and iOS app support. The premium version of the app starts from $19 per month per user.

            Available for Web

            5. Wrike

              Wrike is a cloud-based collaboration and project management app that successfully manages projects from start to finish. It lets you create tasks, track work progress and retrieve reports with ease.

              The app also gives real-time work updates and helps team members to understand their work priorities. A custom report builder helps you to generate in-depth reporting.

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              Wrike’s premium version is available from $9.80 per month per user and is available on multiple platforms.

              Available for iOS | Android | Web

              6. Todo.vu

                Todo.vu is a unique platform that delivers enhanced customer relationship management (CRM), task management, time tracking, and billing functionality in a single app.

                According to Capterra, it’s an ideal app for freelancers and consultants, who are looking for tools to improve efficiency and transparency.

                Although the app is free to use with basic features, the premium plan starts from $5 per month per user. The app also comes with calendar sync and task reminder functionality to keep you on track, always.

                Available for Web

                7. Flock

                  Looking for a tool to simplify task management? Try out Flock.

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                  Flock comes with enhanced goal tracking and additional features like instant messaging.

                  Moreover, Flock offers tons of integrations with tools such as Google, MailChimp, Jira, Dropbox, etc. It is a powerful tool that’s packed with robust features such as reminders, notes, polls and to-dos.

                  Even though you can use the tool for free, the paid version of Flock is available from $4.50 per month per user.

                  Available for iOS | Android | Web

                  Conclusion

                  Businesses need high-quality project management tools to streamline collaboration and operations. Enhanced goal tracking apps make it easy for your team to improve productivity by keeping its tasks organized.

                  But it’s essential that you choose an app that meets your unique business requirements. You can choose from the above-mentioned apps to streamline operations and improve the productivity of your team.

                  Featured photo credit: Alvaro Reyes via unsplash.com

                  Reference

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