What is Bitcoin? Uses Benefits and Cons Characteristics

Bitcoin is not very old, but now it is one of the most popular digital currency. Billions of people using Bitcoin as a there primary digital transaction method. Like a torrent, it is a peer to peer (P2P) network transaction, no one handle or controls it. A transaction between the buyer or seller or sender or receiver.

What is Bitcoin

We can also call the bitcoin as virtual currency because it does not have any physical existence. You can not take it to your pocket or account because it can not be printed, if then very limited. Only you can store it on your digital account with any institution or company.

Who was the Founder of Bitcoin digital currency?

In 2009 a group of programmers introduces as open-source software under the alias Satoshi Nakamoto. As per internet data, there are several rumors about the creator of Bitcoin, But Nakamoto denied those with any hesitation.

Satoshi Nakamoto a 44 years man from Japan claimed himself as the founder of this new generation digital currency. Nakamoto switched to something else in mid-2010, putting Bitcoin in the possession of a group of influential BTC leaders.

Who handles Bitcoin digital currency?

Gavin Andresen said the first aspect he worked on was more decentralization after Nakamoto left the project. Andersen allowed Bitcoin, even if he was ‘ ruck by the truck, ‘ to start its existence independently.

Most people consider Bitcoin’s main advantage as separate from foreign economies, banks and corporations. No one body may levy transaction costs or remove people’s money from BTC transactions. The Bitcoin revolution is also extremely transparent, with each exchange in the globally centralized Blockchain public registry.

How does Bitcoin run?

On your wallet and your transaction performance, a customer just sees a number of bitcoins. Beyond the doors, a shared repository named “blockchain” connects the Bitcoin network. Each payment ever made is included in this booklet. Transaction data documents are grouped into “lines.”

If someone attempts to change just one letter or number in a transaction chain, all of the corresponding blocks will also be impacted. As it is a shared directory, anybody can easily detect and rectify the mistake or theft attempt.

The test process can take several minutes to complete a BTC trade, depending on the trading platform. The Bitcoin protocol is designed to take approximately 10 minutes to complete each block.

You can also look: What is Payoneer Payment System

Characteristics of Bitcoin:

Decentralized: The freedom of the network from all governing authorities was one of Satoshi Nakamoto’s main aims at creating Bitcoin. It is designed to make any human, company, and computer involved in the verification of mining and transactions part of a huge network.

Anonymous: Credit history, address, telephone numbers, spending habits, etc … These days, banks know almost all about their customers. It’s all quite special for Bitcoin since the wallet has no personal information to recognize.

Transparent: Bitcoin’s confidentiality is relatively limited, as every single BTC transaction that happens is recorded in the database. There is no passbook like the bank, on your digital account can see the transaction.

Swift: Bitcoin network usually takes a few minutes to receive payments nearly immediately, whereas regular transactions in banking may take days for someone on the other side of the world.

Non-repudiable: After sending bitcoins to someone you can not claim refund, like a one-way ticket. It guarantees you receive a payment, so anyone who deals with you can not cheat you by saying they never get the money.

Plus point for Bitcoin:

Freedom: with freedom in mind, the BTC was planned. Above all, the right of governments to monitor transfers, charge fees, and seize away people’s money.

High portability: portability is one of the distinctive features of a currency, which ensures it must be easy to transport and use. Since Bitcoin is fully digital, virtually every amount of money can be transferred or stored online on a flash drive.

Pick your own commission: One undisputed value of the Bitcoin network is that it is possible to select or choose not to pay the transaction fee sum. Once a new block has been created with a successful hash, the miner received the transaction fee.

Bitcoin authentication and access: consumers should monitor their transactions; without you realizing it, no-body can remove money from your account as is sometimes the case with other methods of payment, and no-one can intercept payment information from traders.

Transparent and neutral: for everyone in the blockchain, every single transaction and every single bit of information about it can be checked and used in real-time.

Disadvantages of Bitcoin digital currency:

Legal Questions: The legal status of Bitcoin varies greatly across nations. The use and trading of BTC are promoted in some nations, whereas it is discouraged and regulated in other countries.

Bitcoin standard of response: is accepted and is completely legal in many countries but some jurisdictions in the world still do not have BTC laws, whereas others have outlawed them altogether.

Missing keys A key for accessing a Bitcoin wallet is a special Alphanumeric password. To skip the key is to waste your pocket. Nonetheless, more current bags provide frameworks for backup and recover, however, apparently the consumer has to customize them before they can be used.

Conclusion: 

Bitcoin is a good choice in terms of security or investment because it has various positive side compared to the few negative.