Properties of Bitcoin Transaction
What is Bitcoin?
Bitcoin is an online alternative currency based on peer to peer technology that has rapidly gained popularity since its creation in 2009.
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How To Use Bitcoins?
For most users, bitcoin operates just like cash on the internet. Through specific apps, bitcoin users in a recipients address and payment amount and press send to complete a transaction through the technology behind bitcoin may be complicated the user experience has been simplified since bitcoin was created.
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Why People Use Bitcoin?
Bitcoins make it possible to send any amount of money to anywhere in the world instantly. There are many properties of bitcoin and many reasons why people use it. They also operate with the minimal fees either in quickly confirming and transferring bitcoins from one user to another or through services that directly convert bitcoins into standard currency. Bitcoin transactions are irreversible, so there a lower risk of fraud.
Bitcoin’s most useful features are the ones that cannot be found anywhere else. Below we discussed some properties of bitcoin transaction.
5 Most Useful Properties of Bitcoin
1. Fast and Global
The transaction is propagated nearly instantly in the network and is confirmed in a couple of minutes. As they happen in a global network of computers, they are completely indifferent of your physical location. It doesn‘t matter if we send Bitcoin to a friend or someone on the other side of the world.
After confirmation, a transaction can‘t be reversed. If you send money, you send it. No one can help you out, if you sent your funds to a scammer or if a hacker stole them from the computer. There is no safety net.
Neither transactions or accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly looking chains of around 30 characters. It is usually possible to analyze the transaction flow, and it is not fundamentally possible to connect with the real world identity of users with those addresses.
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Bitcoin funds are secured in a public key cryptography system. Only the owner of the private key can able to send cryptocurrency. Strong cryptography and magic of big numbers make it impossible to break this system.
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Don‘t need to ask anybody to use cryptocurrency. It’s only software that everybody can download it for free. After you installed it, you can send and receive Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.