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The Benefits of Taxless Currencies

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By hearstDate: Aug 06 2017 Views:

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Many people have heard of cryptocurrencies but may not know exactly what they are. Cryptocurrencies, such as Bitcoin which was introduced in 2009, are currencies which only exist online. It is transferred directly between people via the internet. Bitcoin is a decentralised currency, which means that it is not currently controlled by the government and it is tax free. Some people are wary of using the cryptocurrencies and the merits of Bitcoin have been debated against other cryptocurrencies extensively. However, there are some benefits of taxless currencies such as Bitcoin. 

Easy To Transfer

Taxless currencies like Bitcoin are easy to transfer around the world. This is because they do not encounter exchange rates or taxes when the transaction is completed. There are sometimes transaction fees but because cryptocurrencies are not regulated by any government these charges remain very low. It is also faster to transfer currency via Bitcoin, meaning people can transfer money around the world quickly. This could be highly beneficial for travellers and international businesses, should the use of cryptocurrencies become mainstream.

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Investment Opportunity

Currencies that are not taxed are considered by many as valuable investment opportunities. As the value of Bitcoin increases there has been a rise in Bitcoin investment in recent years. One bitcoin is currently worth approximately £1917 and it is considered a more powerful economic asset than the dollar by some experts. Investing in Bitcoin is not as straightforward as it was when the currency first became available. It is now far more difficult to mine your own Bitcoins and you would need to purchase special hardware to do so. However, there are a number of exchange websites or online brokers where Bitcoins can be purchased. Once you have purchased Bitcoin you are responsible for its security. A Bitcoin wallet, which is a program or app which stores your currency, is advised. This also makes future transfers easier. Despite it being a taxless currency, the investor may have to pay income tax when they sell the currency on.

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