What is a Bitcoin?
Bitcoin was created in January 2009, this versatile digital currency is equivalent to traditional or state-minted currencies. It is a virtual currency or rather a collection of computers or nodes. Bitcoin is operated by a decentralized authority. The balance of this cryptocurrency is maintained in a public ledger. Everybody, irrespective of whether they run a Bitcoin “node” or not, has complete access to this ledger. The transparency of Bitcoin transactions render it immune to fraudulent activities, counterfeit or embezzlement.
Benefits of Bitcion:
Apart from its transparency and reliability there are a few distinct advantages of using Bitcoins:
- Low cost transactions -
Crypto transactions are instant and the cost is negligible. Clients do not even have to worry about bank holidays. Cost of transaction remains low irrespective of the amount sent or the distance covered. Bitcoins being global make international transfers quite fast, simple and safe.
- Maintains discretion -
Bitcoin purchases are invariably discrete. Although not truly anonymous or untraceable Bitcoin transactions are not readily linked to personal identity of the user.
- Peer-to-Peer transaction -
The Bitcoin payment system is completely peer-to-peer which means it does not require involvement of third parties while sending and receiving payments to or from anyone on the network from anywhere in the world.
- Easy Bitcoin exchanges -
Bitcoin exchanges allow its users to exchange Bitcoin units for fiat currencies like, the U.S. dollar, euro etc. at variable exchange rates. Many Bitcoin exchanges even allow Bitcoin units for other cryptocurrencies, including the less popular alternatives that can’t directly be exchanged for fiat currencies.
- Lower fraud risks -
Bitcoins enable buyers to complete transactions without divulging credit or debit card details to the seller. This thwarts the risk of fraud.
- Elimination of banking fees -
Bitcoin users are not subject to the traditional banking fees associated with fiat currencies. In other words, there is no account maintenance or minimum balance fees, no overdraft charges and no returned deposit fees.
- Mobile payments -
Bitcoin users can easily pay for their coins from anywhere provided they have internet access. Thus purchasers are not required to travel to a bank or a store to buy a product. The facility of mobile payment encourages buyers to use Bitcoins more often.
Users can send and receive Bitcoins using only a smartphone or computer. Therefore, Bitcoin is easily available to the masses without access to traditional banking systems, credit cards and other methods of payment.
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