What is Bitcoin technology and how this currency is changing the world

by Sachin

Bitcoin is a currency like a euro or the US dollar, used to exchange goods and services. However, unlike other currencies, Bitcoin is an electronic currency that has novel features and notable for its efficiency, safety, and ease of exchange.

Their biggest difference compared to other currencies, is a decentralized currency, so no one controls. Bitcoin has no central issuer as dollars or euros, the cryptocurrency is produced by individuals and companies from around the world devoting considerable resources to mining.

bitcoin technology advantages

Image source Trak.in

Benefits and advantages of Bitcoin technology

Today, it is the most widely used digital currency from around the world and there are good reasons why it is becoming increasingly popular. Both private users and vendors and business owners are in Bitcoin important advantages that have led them to adopt this system.

Here are some features of introduction to Bitcoin:

  • It does not belong to any state or country and can be used worldwide alike.
  • You can buy bitcoins with euros or other currencies.
  • No intermediaries: Transactions are made directly from person to person.
  • It is decentralized: not controlled by any State, bank, financial institution or company.
  • It is impossible to counterfeit or duplication thanks to a sophisticated Bitcoin technology.
  • Transactions are irreversible.
  • It is not necessary to reveal your identity when doing business and preserve your privacy.
  • The money belongs to you 100{e7d47c856744df2248f2195fd30fbdddbceff01679799ef4d661e6a47ab6faaa}; cannot be operated by anyone or accounts can be frozen.

Virtual currencies become cheaper by eliminating intermediaries entirely.

Today sending money anywhere in the world entails significant fees or commissions due to a large number of intermediaries involved in the process. This includes bank transfer commissions, fees for accepting or using credit or debit cards, fees for services using “send money” or commissions for using services “online payment”.

In Bitcoin, no intermediaries and the money goes directly from person to person: from buyer to seller or owners. This substantially reduces the price of sending money and also allowed to sell products and services at a fair price.

Bitcoin offers security to the buyer and the seller.

Historically all means of payment or value objects have had security problems. Computer problems have caused the theft of thousands of credit card numbers, leaving unprotected purchasers who may have suffered significant losses. When we make purchases with Bitcoin do not have to disclose sensitive information such as credit card numbers or bank accounts and therefore there is no risk that this information is stolen from the online seller.

Bitcoin is also preferable to other online payment systems, especially for the seller. Bitcoin transaction fees are very low and there is no risk that fraudulent buyers and scammers to reverse the payment, keeping both with the product and with the money.

Finally, the characteristics of this virtual currency allow pages establish an escrow, ensuring that the seller receives the money only if the product has successfully reached its destination. This is often used on auction and sale of second-hand goods.

Bitcoin is democratic: the economy of the people.

When we say that Bitcoin is decentralized and there is no institution, company, state, organization or association behind it to control it, it is literally so. It is not a metaphor but the present computer system actually allows the creation of this secure and reliable digital currency that favors free trade among people around the world.

Your bitcoins are only yours.

The decentralized system behind the bitcoins makes it impossible for anyone else who does not have your credentials to access your money. Your bitcoins are yours and can not be frozen or seized, you cannot close an account and only you have access. This aspect is for many people perhaps most important: really feel ownership of their money and to be sure.

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