- Written by Super User
If you have not heard of Bitcoin yet, you are sadly missing out. Bitcoin is becoming the new way of money transaction and is quite convenient for anyone to use. No more do you have to worry about bank holidays are tying your personal information into a Bitcoin transaction. Below are three advantages to using Bitcoin.
First off, Bitcoin should be treated like real money. Too easily can it get into the wrong hands if you are not careful because it is no different than if you left you wallet sitting on a park bench…stay mindful of it. But besides this warning, Bitcoin is so convenient; you will never want to use real money again! Although it is becoming popular fast, its economy is still young and Bitcoin’s value is always changing.
Freedom in PaymentIf you are using Bitcoin as money, you can use it anywhere in the world because it is worth the same value in every place. You do not have to worry about borders, no do you have to worry about bank holidays because it is operational at any time of day, any day. Unlike paper money and banks, you are in total control of your Bitcoin money; there is no central authority figure controlling the transaction process.You Have Complete ControlBitcoin is great if you do not want to involve your personal information. You are able to complete transactions without having to share your personal information, and Bitcoin is a safe transaction that keeps prying eyes out. Your personal information is well protected against anyone else trying to steal your information. In a sense, it is much safer than keeping money in a bank.
Barely any Fees with BitcoinBitcoin requires no fees for the transaction process. Unless you want to hurry the transaction process along, you will not have to pay anything. With Bitcoin, there is an option to pay extra to prioritize your transaction, which would hurry it along to your benefit. In the end, it is a cheap process. In conclusion, Bitcoin is becoming popular fast. There are many advantages to using it because you do not have to worry about prying eyes or bank fees. You are in complete control of your money, so why not use it?
- Written by Super User
Bitcoin is a rather easy process to understand because it is similar to how real, paper money is exchanged, but you should keep in mind, it requires a bit of understanding before you begin using it as money. Once you understand the technical aspects of Bitcoin, you will be able to make transactions immediately. The process is very similar to email because you complete transactions via an address. You can utilize the address given to you to make transactions with your friends; however, the Bitcoin address given to you should only be used once.
Bitcoin Uses a “Block Chain”Bitcoin transactions are kept track of via a block chain, which means you receive a Bitcoin wallet, which calculates your possible transactions. Again, it is very similar to how email works because you are using a given address the entire time. The spender owns the Bitcoins; however, the Bitcoin wallet keeps track of all spending.
Transactions Are PrivatizedBitcoins are very secure, and no matter what transaction occurs, the spender’s private information is kept secure through the entire process. Because of its privacy, the spender’s transaction is kept secure the entire time and cannot be altered by anyone else.
Can be spent on anythingBitcoins can be spent on anything. You can make as many transactions you want as long as you have the Bitcoins to back it up. You should keep in mind how real money works because if you do not have the available funds to back up a transaction, it will not work. Bitcoin wallets, which are where your digital money is stored, keep track of your transactions and how many Bitcoins you have available in your account.
Overall, Bitcoins are becoming quite popular quickly. There are some technical aspects that should be understood before you complete any transactions. The easiest way to understand how Bitcoins work is by thinking of email. The entire transaction process is no different than a virtual chain because it is all connected. Bitcoins are changing how transactions are completed. Although Bitcoins are new and this economy is still young, it is very secure.