What are the Best Features of Bitcoin Transaction?

People are inclining their interest towards the use of digital cryptocurrency called bitcoins. Below are few of the top seven features that make it more popular among people in the world.

What is Cryptocurrency and Bitcoin?

You must have seen different forms of currencies being used all over the world. For example, India has its own Rupee, America has Dollars, Pounds work in Britain and Euro for European countries.

One common thing in all these currencies that these are physical and you can touch, and carry that in your pocket easily.

Contrary to this physical currency, a new era of digital currency has started. This digital currency is not meant to touch or carry in your pockets like you do with physical currency. But that does not mean that it has less significance or is less powerful!!

Infact this digital currency has become very powerful in today’s time and is known as Bitcoin.  It’s is a global cryptocurrency and is also the online digital payment system. 

What is Cryptocurrency?

Cryptocurrency is a kind of digital asset, for which cryptography is used. It is generally used to buy goods and services online. One can use it to buy or send gifts also. It was originated with bitcoin and acts as a “peer to peer electronic” cash system.

What is Bitcoin?

Bitcoin is a cryptocurrency which is also the first in itself global decentralized currency created for the digital world. One of the important feature of Bitcoin currency is that one can use it at any place and anytime for digital transactions.

No bank is needed in between to send or receive money through Bitcoins. We can send money directly to the other person. It can be used anytime and anywhere. With the help of this, a person can send money to any other.

You only need to have a bitcoin wallet which you can use to pay that’s it!!

Bitcoin is created and regulated with the help of electronic system and is one of the fasted way of money transfer.

Money comes in the form of codes in the wallet.

7 Best Features of Bitcoins

Bitcoin is a digital currency with best features that make it suitable for online transactions. This currency is different from the government approved currencies and have the following features:

1. Bitcoin Currency is Considered Decentralize

Bitcoin currency is called decentralize currency as it is not supported by any authority. Any user who has a wallet for bitcoin and machine that mines bitcoins, can become a part of bitcoin community and also these machines can work together in a network.

Bitcoin transaction has online ledger like a normal ledger, called Blockchain. The transaction fees on these ledger is different from the normal online transactions that happen with the government approved currencies. This should be noted that government of few countries like India do not consider Botcoin a legal currency.

2. Easy Mining Operations

When we go to open an account in a normal conventional bank, a lot of bank formalities need to take care of. But in Bitcoin online transactions, no such formalities need to follow, and one can open his account within few seconds. This type of banking also does not need standing in long queues.

3. Transparent Operations

All the transactions happen in bitcoins are transparent and very little chances of any fraud. Every user gets a private key and has records of all his transactions in a general ledger called the blockchain. Every user has an address, and one can know how many bitcoins are there in that address without knowing that it belongs to whom.

4. Multiple Accounts of a Single User

Bitcoin allows multiple accounts to a single user depending upon his requirements like public, private or  business or any other purpose.

5. Fast and Secured

The bitcoin transaction happens very fast, and the money sent from anywhere can reach you within minutes only.

6. Low Transaction Fees

The whole bitcoin transactions charge very low nominal fees which is just negligible. This is opposite to a normal bank transaction that usually charges £10 for any international transfers which is a good amount of transaction fees.

7. Non-Repudiable

Bitcoins is a game of private keys. Every user has a private key assigned to him when he opens an account which is needed for any kind of transaction. If you forget your private key, its not possible to get back your bitcoins. Moreover, if you by mistakenly have sent the bitcoins to someone, there is no chance of getting them back unless and until the receiver returns them to you. This is why bitcoins are said to be non-repudiable.

When was Bitcoin started?

First Bitcoin was first released in January 2009 by Satoshi Namoto. He was a programmer.

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