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The Main Characteristics Of Bitcoin

Currencies / Bitcoin Dec 22, 2017 - 04:39 PM GMT

By: Boris_Dzhingarov

Currencies

Bitcoin is a newer form of currency, the difference being it is completely digital. Nobody controls bitcoin, they are not printed in a factory, they are completely held and created electronically. They are only used to buy things electronically, and you can invest in bitcoin if you wish. The price of bitcoin changes hour by hour so it’s best to keep an eye on when is the right time to invest. If you are new to bitcoin, below are a few characteristics to help you understand bitcoin better before you invest.


It’s Simple To Set Up

Normally, banks can make setting up an account a long process, including credit checks, and merchant accounts can be just as much of a pain. With bitcoin, you can create an address in seconds, no fees, no credit checks, and no tricky questions to answer. Before you think about investing, check the current bitcoin price.

Bitcoin Is Decentralized

Bitcoin is not controlled by one authority. Bitcoin is mined. This is the process whereby transactions are added to the public ledger (this is called the blockchain) and verified, and is also the means through which new bitcoins are released. Every computer that mines bitcoins and can process bitcoin transactions work together as part of the blockchain network. This means that one central authority cannot go into financial crisis or cause a meltdown, meaning your bitcoins are safer than the money in your bank. It also means if one part of the network goes down, there are many others to keep it running smoothly.

It Is Anonymous

Bitcoin cannot be tracked as such. You can hold multiple bitcoin addresses, which are not linked to your name, your actual address or any other identifiable piece of information. So, if nobody knows what your bitcoin address is, they will not know it is you. All the information about bitcoin transactions is stored on the blockchain, which anybody can access, so try using different addresses if you want to remain anonymous or if you have many bitcoins at the same address. This can make things more secure and can make you, as the online buyer, feel safer when purchasing online.

Transfers Are Quick

With a bitcoin payment or transfer, you can send money from anywhere to anywhere and it can be transferred in minutes. The blockchain just needs to verify the payment and it is done. There are no huge transaction fees for international transfers, but once your bitcoin is transferred, it has gone forever, unless the recipient wants to send it back.

Bitcoin has many great features going for it, including being decentralized and minimal transaction fees, making bitcoin cheap, safe, and secure. There are many helpful guides online to assist you in purchasing bitcoins and how to spend them. If you wish to invest, check out how bitcoins are mined to have a better understanding and how the bitcoin network keeps track of everything to help you stay safe.

By Boris Dzhingarov

© 2017 Copyright Boris Dzhingarov - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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