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

    Designing & Marketing

    What Are Analytical Skills and How to Strengthen Them For Success 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

    Trending in Technology

    1 40 Top Productivity Apps for iPhone (2019 Updated) 2 8 Replacements for Google Notebook 3 7 Tools to Help Keep Track of Goals and Habits Effectively 4 7 Clever Goal Tracker Apps to Make the Most of Your Business in 2019 5 10 Smartest Productivity Software to Improve Your Work Performance

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on June 17, 2019

    40 Top Productivity Apps for iPhone (2019 Updated)

    40 Top Productivity Apps for iPhone (2019 Updated)

    Over the years here at Lifehack, we’ve discussed plenty of apps that you can use to improve your overall productivity.

    There are certain ones that many of our contributors and editors (past and present) have adopted over the long-term — there are always the stalwarts that stick around. But there are also new apps that crop up every day, adding more and more depth to the app category.

    Some of the apps are incredibly plain and simple, while others are more robust and offer more features than you can shake a stick at. And everyone has the one they prefer.

    It’s been our job (and still is our job) to keep abreast of all of the productivity-type apps out there. As a result — and as a bit of a refresher — we’ve put together a list of 40 best productivity apps for iPhone (all categorized based on their functions) to provide you with an all-in-one resource for you.

    For Getting Things Done

    1. OmniFocus

    This app is, while pricey, considered to be one of the (if not the) most robust and full-featured productivity apps on the market.

    Download it here.

      2. Forest

      Train yourself to put your phone down and stay focused on the task at hand by playing with this planting game. It’s fun and will help you achieve more.

      Download it here.

        3. Things

        Another robust choice, this app is a favorite amongst “productivityists”.[1]

        Download it here.

          4. 30/30

          Recently covered here at Lifehack

          , 30/30 is a newcomer to the game that incorporates lists and timing of tasks into an elegant and easy-to-use interface.

          Download it here.

            5. Any.Do

            A beautiful-looking app that is both easy on the eyes and your wallet.

            Download it here.

              6. PocketLife Calendar

              This calendar app is specifically designed to be stylish and super easy-to-use. You can organize your life easily with different modern features.

              Download it here.

                7. Asana

                We’ve covered Asana here at Lifehack

                , and it is being actively developed by a strong team committed to making collaborative task management a more efficient and effective experience.

                Download it here.

                Advertising

                  8. ToDoist

                  This app keeps track of everything – from simple errands to your most important projects – so you can get it all done and enjoy more peace of mind along the way.

                  Download it here.

                    9. FlowTasks

                    From the folks at MetaLab, Flow is a gorgeous collaborative task management app that is easy-to-use and incredibly functional.

                    Download it here.

                      10. Calendars 5

                      This calendar app focuses on events that help you to keep track of upcoming events and tasks easily. It has everything you need to organize, track and complete your to-dos.

                      Download it here.

                        11. Clear – Tasks, Reminders & To-Do Lists

                        A fun and innovative list-making app that relies on swiping and pinching to make things happen. Clear created a lot of buzz when it launched, and might be the perfect to-do list gateway app for many.

                        Download it here.

                          12. Due

                          A robust reminders app that lets you store and maintain reminders of all types. It’s replaced Reminders for me when it comes to the basics, and it’s worth a look if you want to keep the mundane stuff out of your head and cluttering your mind.

                          Download it here.

                            13. Checkmark 2

                            I use this app

                            for location-based reminders (such as groceries I need to get or single items I need to pick up from various locations). Checkmark is simple to use and a valuable addition to my productivity arsenal.

                            Download it here.

                              14. TeuxDeux

                              Created by Tina Roth Eisenberg and Fictive Kin — Teux Deux is simple and incredibly stellar in terms of design. If you like lists (including the popular “Someday Bucket”) and want to associate dates with tasks, then Teux Deux will be right up your alley.

                              Download it here.

                                15. Wunderlist 

                                Another incredibly popular choice is Wunderlist. Part of 6Wunderkinder’s software family, it sports a gorgeous design and is incredibly functional. We’ve talked about the app a couple of times here at Lifehack, so check those posts out here.

                                Download it here.

                                Advertising

                                  16. Nirvana

                                  For the GTD enthusiasts, there’s Nirvana. Straight from the source: “Nirvana frees your mind to focus on actually getting things done. If you’ve had enough of generic to-do lists, it’s time for Nirvana.”

                                  Download it here.

                                    17. Priorities

                                    An elegant-looking task management app that has received decent reviews,[2] this could be the one for you if you’re not a fan of OmniFocus or Things — especially if you need (or want) to share tasks with others.

                                    Download it here.

                                      For Building Habits

                                      18. Productive

                                      With this app, you can plan your habits with an easy-to-use interface, schedule habits for any time of the day, set smart reminders for each time of the day and stay on track with useful feedback. This app is perfect for anyone who wants to build a habit that sticks.

                                      Download it here.

                                        19. Habitica: Gamified Taskmanager

                                        You can complete tasks and build habits in a more fun way with this app. Input your Habits, your Daily goals, and your To-Do list, and then create a custom avatar. Check off tasks to level up your avatar and unlock features such as armor, pets, skills, and even quests.

                                        Download it here.

                                          20. Streaks

                                          This app follows the model of the popular “don’t break the chain method” in that you use the app to track how you are donig in the pursuit of your goal. Great for goal-setting — and an easy and elegant interface to boot.

                                          Download it here.

                                            21. Remember The Milk

                                            Another popular to-do list app, Remember The Milk has a huge following. It has plenty to offer, including the ability to share tasks with others.

                                            Download it here.

                                              22. Day One Journal

                                              When it comes to journaling, nothing really beats Day One. Its latest update added a slew of features that will make you want to start making journaling a habit.

                                              Download it here.

                                                For Files Organization

                                                23. Evernote

                                                Touted as the world’s most widely-used productivity app, Evernote an be used simply as a notetaking app or can be customized to be your GTD app of choice — among other things.

                                                Download it here.

                                                  24. Pocket

                                                  You can save an article, video or link you want to read or watch later to Pocket from anywhere including your computer, Safari, email, and your favorite apps like Facebook, Twitter, Flipboard, and Feedly.

                                                  Download it here.

                                                  Advertising

                                                    25. Sync.Me

                                                    This app identifies unknown phone calls, warns you from annoying spam calls, and adds a caller picture to your contacts from Facebook, Twitter and Google+.

                                                    Download it here.

                                                      26. Droplr

                                                      One of the most popular file-sharing apps out there today. Straight from the source: “Stay productive on the go. Droplr for iPhone keeps you in sync and makes sharing on the iPhone natural.”

                                                      Download it here.

                                                        27. Dropbox

                                                        Before iCloud, there was Dropbox. And there still is Dropbox, which is still widely used by both Mac and PC users all over the globe. It’s like having a flash drive in your iPhone. A must-have.

                                                        Download it here.

                                                          28. iDolly 

                                                          In conjunction with Dolly Drive and DollySync, iDolly allows you to edit and share your documents from your iPhone.

                                                          Since all your changes sync automatically to all your devices, the current version of a document will always be accessible because Dolly Sync keeps everything in sync. Very handy.

                                                          Download it here.

                                                            29. Soulver

                                                            It may seem odd that a calculator app shows up on this list, but this is no ordinary calendar app. Ben Brooks over at The Brooks review describes Soulver as follows: “It is what calculators would have been if they were invented at the same time computers were, instead of what we have with most calculator apps.” [3]

                                                            Download it here.

                                                              For Working Smarter

                                                              30. Captio

                                                              A simple capture tool. Straight from the developers: “It’s simple. Open Captio and start typing. When you’re done, hit Send. The note is immediately delivered to your email inbox.”

                                                              Download it here.

                                                                31. Drafts

                                                                A tremendous capture tool that allows for simple capture, followed by sending items to various applications such as OmniFocus, Things and more.

                                                                Download it here.

                                                                  32. NoteShelf 2

                                                                  This is a perfect note-taking app for you. You can take beautiful handwritten notes, type, annotate PDFs, record audio & create lists. You can organize them into categories or groups.

                                                                  Download it here.

                                                                  Advertising

                                                                    33. Doodle

                                                                    This app links directly with the Doodle service, which is one that allows you to plan and organize meetings far more efficiently and effectively. Lifehack contributor Steve Dotto has written about Doodle more in-depth here.

                                                                    Download it here.

                                                                      34. TextExpander (Legacy)

                                                                      I have saved countless hours of time with TextExpander, and despite its inability to be as robust on iOS as it is on the Mac, it is still a worthy app to have in your arsenal.

                                                                      Download it here.

                                                                        35. Launch Center Pro

                                                                        A quick launcher for the iPhone that doesn’t just launch an app…with some of them it can do much more. This app saves you time by launching complex actions in a single tap.

                                                                        Download it here.

                                                                          36. GoodReader

                                                                          This may seem to be an odd one to make this list, but here are plenty of reasons why it is here with this article.

                                                                          Download it here.

                                                                            37. LogMeIn

                                                                            Want to be able to control your Mac from wherever you are? Then get this app.

                                                                            Download it here.

                                                                              For Improving Security

                                                                              38. 1Password

                                                                              There is simply no better password manager out there. I’ve even put together a 1Password Emergency Kit worth looking at here.

                                                                              Download it here.

                                                                                39. LastPass Password Manager

                                                                                You can store passwords and logins, create online shopping profiles, generate strong passwords, track personal information in photo and audio notes.

                                                                                All you have to do is remember your LastPass master password, and LastPass autofills web browser and app logins for you.

                                                                                Download it here.

                                                                                  40. Truecallers

                                                                                  Identify and block spammers, search for unknown numbers and call friends easily with this app. With a community-based spam list from over 250 million users, you’ll need this app.

                                                                                  Download it here.

                                                                                    There are plenty of other options out there (and we’ve heard from readers in the past as to what they enjoyed using), but these 40 are among the best.

                                                                                    More Great Apps Recommendations

                                                                                    Reference

                                                                                    Read Next