The Bitcoin is the first and most widespread among the so-called criptovalute or virtual coins. It does not exist a metal object, plastic or paper on which are etched or printed a symbol and a number as for traditional coins. Bitcoin is a decentralized peer-to-peer network, free from the control of individuals or institutions. Bitcoin cannot be printed, and its quantity is very limited.
It is the result of specially programmed software that uses cryptographic algorithms, mathematical functions and hashing to issue Bitcoin. Bitcoin is based on the famous blockchain, the “trust” technology, which promises a level of innovation equal to that of creating the internet. There are many different ways to earn Bitcoin like Mining. Here is a list of bitcoin wallets for android.
1. Freedom: Bitcoin is based on the idea of individual freedom. Freedom from government authorities that control the money and transactions made by citizens, as well as capable of imposing onerous tariffs at will. In recent years, when it comes to buying goods online, cryptocurrencies have become almost as accepted as traditional money.
2. High portability: One of the distinctive features of any currency is portability, i.e. simplicity of transport and use. Since Bitcoin exists only in digital form, even large quantities of money can be transported on a USB stick or stored on the net.
Cryptocurrencies offer the liberty to send and receive money by simply scanning a QR code or pressing a button on an online wallet. The transaction is almost immediate; you don’t have to pay any fees. The money is transferred directly from one person to another without the need for intermediaries: you just need an internet connection.
3. Charges set by users: Another certain advantage of the Bitcoin network is the option of establishes the quantity of the commission. The fees paid by users are received by the miners at the end of the generation of a new block. It increases the changes to make more Bitcoin profit.
The commissions are totally voluntary, and act as an incentive for miners to include a particular transaction in the newly generated block. Nowadays this incentive represents a large percentage of the miners’ profit, often even greater than the reward received by the network upon completing a block. It is therefore the user himself who chooses between costs and waiting times: a higher commission is equivalent to a transaction processed faster.
4. No PCI: With PCI (Payment Card Industry) we mean debit, credit, prepaid, ATM and POS cards, as well as the companies associated with them. Inside there are organizations that deal with storing, processing and transmitting user data, and includes all the most important credit card companies on the planet. The PCI imposes a series of very strict rules and regulations.
But if a unified set of rules is convenient for large companies, it is a little less convenient for users. When using Bitcoin, there is no need to comply with the rules imposed by the PCI, allowing users to explore new markets that do not allow the use of traditional credit cards. As a result, users can pay cheaper commissions, expand their markets and reduce administrative costs.
5. Security and control: Bitcoin users have total control over their transactions: no one can withdraw money from a wallet without the explicit consent of the owner, unlike what often happens with other payment methods.Bitcoin users have total control over their transactions: no one can withdraw money from a wallet without the explicit consent of the owner, unlike what often happens with other payment methods.
6. Transparent and neutral: The Blockchain stores the information of any transaction that has never occurred, verifiable by anyone and at any time. The Bitcoin Protocol is encrypted, making it impossible for a single individual or organization to modify. In addition, the network is decentralized, so that no one can take complete control of it. For these reasons Bitcoin will always be neutral, transparent and predictable.
Other opportunities offered by Bitcoin are:
- Anonymity of transactions can increase the target of some sectors
- Exchange tool free from monetary and political institutions, managed by the community
- Single currency for the whole world, accessible to anyone with an internet connection
- International exchange without exchange risk between currencies
