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About Cryptos and Slots FAQ
What are the drawbacks of crypto-currencies?
Cryptocurrencies and digital coins in general have several benefits.
The first is anonymity. With cryptocurrencies, you never have to reveal your identity, and there are no personal details associated with your account.
This also means that cryptocurrency transactions are typically very fast and inexpensive. Usually, transactions on Bitcoin take just a few seconds to complete and are validated in minutes.
No bank or other entity is involved, so transaction costs do not have to be concerned with by cryptocurrency consumers. Bitcoin also helps users to send or collect payments without the need for a third party from other users around the globe.
While there are many risks associated with the use of digital currencies, such as hacking, there are benefits to using them, as well. Regulatory regulation or taxes should not be complied with by cryptocurrencies, because transfers are private, meaning no one can trace them back to you.
Often, cryptocurrencies are a perfect way to raise money from a relative lack of laws. In the UK, cryptocurrency is considered “legal tender” — meaning that it can be used and accepted in the same way as money.
This ensures that it’s easy to exchange digital currency online for a profit, when you don’t need to register with the Financial Conduct Authority, the financial regulator of the UK, as a broker. You can also buy or sell Bitcoin for pounds on major exchanges without having to submit an application for a real-name trader license.
Why do you need bitcoin?
Let’s say you’re trying to travel in a foreign country where the locals don’t speak English. There are some online translation services you might use, but they are costly. If you didn’t bring anything with you and just used your phone, you’d be very limited. With bitcoin, you could convert foreign currency into bitcoin, transfer the bitcoin to your phone, and use it in the country to buy something.
Your money gets deposited in a bank with Venmo or Paypal. With bitcoin, the money is saved on your phone in a wallet and you can spend it anywhere you want. Because of that, cryptocurrency can be useful in the global marketplace, which isn’t the case for many currencies.
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