Traditionally we use physical currency to buy things. But, we face various kinds of problems with using Bitcoin is the new age currency. It is affordable and solves many problems that we face with traditional currency. Today in this article we are going to discuss about the features of Bitcoin. If you want to invest in Bitcoin, then you must read this article top to bottom.
The features of Bitcoin
One of Satoshi Nakamoto’s main goals in creating Bitcoin was the independence of the network from any government authority. It is designed so that each person, company, and each machine involved in mining and transaction verification, is part of an immense network. Also, even if a part of the network goes down, the money will keep moving.
Anonymity of it
These days banks know practically everything about their clients: credit history, addresses, telephone numbers, spending habits, etc. Everything is very different with Bitcoin since the wallet does not have to be linked to any personal identification information. And while some people simply do not want their finances to be governed and tracked by any kind of authority, others may argue that drug trafficking, terrorism, and other illegal and dangerous activities will thrive in this relative anonymity.
Transparency of this currency
The anonymity of Bitcoin is relative since every BTC transaction that has happened is stored in the Blockchain. In theory, if the address of your wallet was used publicly, anyone can know how much money is in it by carefully studying the blockchain’s ledger. However, tracking a particular Bitcoin address to a person is still almost impossible.
Those who wish to remain anonymous with their transactions can take steps to stay under the radar. There are certain types of wallets that prioritize opacity and security, but the simplest measure would be to use multiple addresses and not transfer large amounts of money to a single wallet.
Speed of Bitcoin
The Bitcoin network processes payments almost instantaneously, usually only a few minutes are needed for someone from the other side of the world to receive the money, while normal bank transfers can take several days.
Once you send your Bitcoins to someone, there is no way to recover them, unless the recipient wants to return them. This guarantees the receipt of a payment, which means that whoever you are negotiating with cannot cheat you claiming that you never got the money.Visit this site for Bitcoin price.