Bitcoin is an online payment system, which was developed by a Satoshi Nakamoto. Unlike traditional currencies like dollars and euros, bitcoins are not issued or managed by a central authority. This makes them more resistant to wild inflation and corrupt banks. Bitcoins are used to buy things electronically. In that sense, there are similar to convectional dollars, yen or euros, which are traded digitally. Here are some of the major features of bitcoins: They are decentralizedOne of the major features of bitcoins is that they are decentralized. This means there is no institution that is in charge of the bitcoins network. All machines that mine the currency and process transactions make up the bitcoin network. These machines work together, which means that a single institution cannot devalue the currency, or take the simply decide to take the currency away from the people. Even if a part of the currency’s network goes offline, the bitcoins still flow smoothly.
It is easy to set up a merchant accountThe process of opening a traditional bank account is usually long and complicated. This because you have to provide all the essential details to the bank as well as pay an account opening fee. When it comes to opening a bitcoin merchant account, you will only be required to provide a small amount of information about yourself. Additionally, you will not have to answer any question or pay an account-opening fee. You can set up your own bitcoin address in seconds.
It is transparentTo enhance transparency, bitcoins stores details of all transactions that happen in the network. The transactions are stored in a general ledger called the block chain. If you use your bitcoin address consistently, anybody can easily determine the amount of bitcoins stored in your address. To ensure your activities are more private, you should avoid using the same address constantly and transferring many bitcoins to a single address.
These are just some of the key features of bitcoins. Apart from being the most affordable method of making international payments, bitcoins are fast and efficient. You can send money anywhere, and it will arrive as soon as the bitcoins network processes the payment.