The latest innovation of payment industry that has been widely accepted across the globe is Bitcoin. The transactions are performed peer-to-peer on an open source. There is no central control or any governing body for the Bitcoin network. It is designed with unique features like low processing charges, maintaining the anonymity of the users etc.
You can send or receive digital currency on electronic platform. It has to be noted that Bitcoins can never be printed. Satoshi Nakamoto has introduced the Bitcoin software. The Bitcoin network is autonomous without allowing third party interference with the transactions over the system. The users who hold bitcoin price need not worry about accounts being frozen which is a case when a bank holds the authority.
The payments that are maintained on public mode in the form of digital records called blocks makes it easy to spot a fraud attempt. The attempt to modify a block would be implicated on the subsequent blocks. The validity of every payment could be verified by the wallet. Blockchain serves as a ledger by tracking all the processed transactions.
Each bitcoin address would be assigned with a digital sign. The authentication process involves verification of the corresponding digital sign of an address. The mining process is designed such that it consumes about 10 to 15 minutes.
Pros of Bitcoin
- Makes money portable on electronic platform.
- Simple scanning of a code or using e-wallet allows you to receive or send cryptocurrency.
- Minimal charges.
- Mere requirements are net access and a Bitcoin account.
- Legitimate option with no controlling authority.
- Perfect safety measures to your currency.
- High degree of privacy.
- Perfectly encrypted protocol.
- Real-time monitoring through transparent mechanism.
- Tax free payments.
- Perfectly combats double spend issues that pop up on conventional modes.
- The bitcoin prices are unpredictable that may have impact on the investor.
- Legality varies from nation to nation.