Bitcoin (BTC) is a digital currency, used and distributed in a totally electronic way.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 not possible to create more than 21 million of them.Bitcoin can be used to purchase goods and services and to conduct transactions on the financial markets. Here you will see the all about bitcoin.
Here is a list of Bitcoin features given below:
- Decentralization: One of the main objectives to the creation of Bitcoin was the total independence of the currency from any governmental authority. It has been created so that every person, company or machine elaborate in the mining and transaction confirmation procedure can be part of a large network. And even if part of the network is deactivated, the money will continue to move anyway.
- Secrecy: Today banks know every single detail of their clients: movement history, addresses, telephone numbers, spending habits and so on. Bitcoin works differently, in that the mere address of the wallet cannot be linked to any personal information. And if on the one hand some individuals simply don’t want their money to be tracked and managed by external authorities.
- Clearness: Bitcoin secrecy is only virtual, as every transmission is verified and kept within the Blockchain. By carefully studying the entire Blockchain, it would theoretically be possible to find out how much money is present within each individual wallet in the network. But being able to identify a person through his Bitcoin address is a virtually impossible undertaking.
Advantages of Bitcoin
Let’s see the main advantages of Bitcoin:
1. Freedom: Bitcoin is based on the idea of individual freedom. Freedom from government authorities that control 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. Cryptocurrencies offer operators the liberty to send and receive money by scanning a QR code or pressing a button on an online wallet. The transaction is almost instantaneous.There is no need to pay any fees, and the money is transferred directly from one person to another without the need for intermediaries: all you need is an internet connection.
3. Commissions set by users: Another certainbenefit of the Bitcoin network is the option of starting the amount of the commission or picking not to pay at all. The fees paid by users are received by the miners at the end of the generation of a new block.Commissions are totally voluntary, and they provide an incentive for miners to include a particular transaction in the newly generated block.
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. It includes all the most important credit card companies on the planet. The PCI imposes a series of very strict rules and regulations.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: 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. Furthermore, 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. So bitcoins transitions are completely transparent and there is no hide in case of bitcoins. The sites which offer this type of transactions are completely safe to use.