Bitcoin has several important features, which we will discuss in this article.
It is fully decentralized
The Bitcoin network is not controlled by any company or organization. Every machine that has a client program running according to the Bitcoin math is part of the network and conducts Bitcoin transactions, and all of those machines together make up the Bitcoin network. Removing any of these machines, or even most of them, from the network will not affect the system in any way. There is no center that can be shut down so that Bitcoin stops working. This means that no one can control monetary policy, block payments, freeze accounts. But you can use a special debit card such as https://cryptopay.me/buy-bitcoins.
It’s anonymous
Well, almost anonymous. Users can have an unlimited number of Bitcoin addresses, and they are in no way associated with names, addresses, or other identifying personal information.
All transactions are public
Details of each individual bitcoin transaction are visible to the entire network – everyone can see from which address and to which bitcoins are listed. The history of all bitcoin transactions, called blockchain, is stored on all nodes on the network. So, if you yourself declared that some address belongs to you, everyone will know how many bitcoins you have on that address and all the transactions connected with that address.
The cost of transactions is negligible
It is your bank that will charge you for the international transfer. Sending any number of bitcoins anywhere in the world can, in principle, be done for free. To speed up these payments, people usually give a small portion of the coin (a few cents) as a kind of “tip” to the nodes that conduct their transactions.
Payments are fast
You can send a payment at any time of the day or night, anywhere in the world, in any amount – and within minutes, whoever you’re paying will see it.
No way to cancel or block a payment
Once a bitcoin payment is sent, there is no way to roll it back. In that sense, bitcoins are exactly like digital cash – once you’ve given it away, it’s no longer yours. On the other hand, as with a cash payment in a store, if you are not satisfied, you can apply for a refund, and the seller will return your money himself if he values his reputation.
It is easy to use
Opening a bank account can be very time consuming. You can install a Bitcoin client in minutes, make yourself a Bitcoin address, and that’s it – you’re ready to receive bitcoin payments. You don’t need to ask anyone’s permission, no forms or negotiations, no connection fees – 5 minutes, and all markets of the world are open to you via Bitcoin payments. It’s just as easy to pay in bitcoins for goods and services around the world. You can also use a special bitcoin card, available here https://cryptopay.me/bitcoin-wallet. It will help you conveniently pay for your purchases by converting cryptocurrency into fiat money instantly. These cards are very popular lately.