Bitcoin: What is this modern day anomaly?
Bitcoin has become a trending topic in our modernized society. Especially those who are tech savvy or comfortable with digital transactions. These people like to stick to bitcoins as they get a handful of advantages by doing the so. Below we will discuss the basic features of bitcoins, and hopefully improve your understanding of this fascinating, yet beneficial, currency.
Bitcoin Different Than Any Other Currency
Unlike other currencies, Euros and Dollars for example, bitcoin never gets printed. The currency is entirely digital. It is purely a result of what some refer to as bitcoin mining, a digital process involving numerical problem solving software. Similar to how tangible currencies are based on solid metals mined from the earth, bitcoin is the result of a complicated process used to digitally mine out the currency.
Bitcoin Gives easy access to the Users
When it comes to most transactions, people tend to need a bank account. But, bitcoin does not require one to own a conventional bank account (Often Referred to as Digital Wallets). Rather, people are able to store their bitcoin through various online services. This can be beneficial because most banks charge service fees for holding an account open, or even ATM fees when withdrawing money. any fee or information at all. For people who become educated in bitcoin, these fees are entirely avoidable and people and they will be able to securely store their funds without and hidden fees.
Bitcoin Secures the Identities of the Users
As mentioned with cryptocurrencies, transactions involving bitcoin and accounts involving bitcoin will not reveal a user’s identity, that is why, one can generate multiple bitcoin account and not a single bitcoin will be linked with his or her name. To be clear, no other individual besides yourself will know that the currency is yours therefore resulting in 100% identity protection.
Bitcoin Ensures Transparency of All Transactions
With the help of a common ledger called blockchain, every transaction is recorded in onto a public record. The system also makes sure the user is aware of the number of transactions and bitcoin addresses on their account. Do not fret, your identity is still protected. The public record is simply of the bitcoin addresses that are used to transfer currency. That way you can be sure your money is safely and knowledgably being transferred.
Bitcoin Network Is Faster
When it comes to sending money digitally, the Bitcoin network works like a charm, and sends money to the desired address within minutes. No more waiting 3-5 business days for banks to wire your money, enjoy the benefit of having your currency transferred instantly.
Bitcoin at first can be daunting. There is a world of information surrounding bitcoin and the learning curve may seem steep to the less tech savvy. But, if you contact a professional to learn the ropes you will discover a lifetime of benefits, easy transactions, and 100% identity protection.