What is bitcoin և its characteristics?

Introduction to Bitcoin

Bitcoin is an advanced currency used to buy items through online transactions. Bitcoin is not tangible, it is completely controlled և it is made electronically. You have to be careful when promoting Bitcoin, as its value is constantly changing. Bitcoin is used to make various exchanges of currencies, services and goods. Transactions are made through a computer wallet, which is why transactions are processed quickly. Any such transaction has always been irreversible, as the identity of the customer is not disclosed. This factor makes bitcoin more difficult when deciding on bitcoin transactions.

Characteristics of Bitcoin:

Bitcoin is fasterBitcoin has the ability to process payments faster than any other mode. Usually, when one transfers cash from one end of the world to the other, it takes the bank a few days to complete the transaction, and in the case of bitcoin, only a few minutes. This is one of the reasons why people use Bitcoin for various online transactions.

Bitcoin is easy to configure. Bitcoin transactions are done through the address that each customer has. This address can be easily configured without going through any of the procedures that the bank takes when making a note. Address creation can be done without any changes, credit checks or any queries. However, any customer who wants to consider investing should always check the current value of Bitcoin.

Bitcoin is anonymous. Unlike banks, which keep a complete record of their customers’ transactions, Bitcoin does not. It does not store customer financial records, contact information or any other relevant information. Bitcoin wallets usually do not require any significant data to work. This feature raises two points of view. First, people think that it is a good way to keep their data away from third parties; և Second, people think that it can increase dangerous activities.

Bitcoin can not be denied. When someone sends a bitcoin to someone, there is usually no way to get the bitcoin back until the recipient feels the need to return it. This feature ensures the completion of the transaction, which means that the beneficiary can not claim that they have never received cash.

Bitcoin is decentralized. One of the main characteristics of Bitcoin is that it is not under the control of a certain management expert. It is managed in such a way that every business, individual և machine related to exchange checking and mining is part of it. Even if part of the system goes down, the cash transfers continue.

Bitcoin is transparent. Even if only the address is used to make transactions, every bitcoin exchange is registered in Blockchain. So if someone’s address has been used at any time, they can tell you how much money is in their wallet through Blockchain records. There are ways to increase the security of your wallets.