With growing needs in financial situations due to the COVID 19 pandemic, the investors were finding a severe decrease in the money values. But Cryptocurrency like Bitcoins did not face many declines, say for example if the currency value declined by 20%, the Bitcoin value declined by 8 %. Even regions in Africa have started to use Bitcoins as the payment mode, as they do not have to spend money on exchanging the naira currency to dollars, and the transaction also takes place very quickly. The following sections of the article discuss the characteristics of Bitcoins as per maximus edge autobot
Characteristics of bitcoins
The main interesting feature of the Bitcoins is that they do not need any controlling authorities to manage the transactions. The founder of Bitcoin, Satoshi Nakamoto, aimed to offer Bitcoin transactions where the investors, mining process, transaction verification everything happens autonomously. Even when there is a network problem at some point, in that situation also the transaction can be performed. The users of the Bitcoins themselves rectify if there is any problem.
With the traditional banking system, the bank would know all the personal information of the customers like name, address, credit card details, and lots more. But with Bitcoins, the user transactions are not linked to reveal any Bitcoin user’s personal information. But this might be advantageous to those people who do illegal business transactions.
Every Bitcoin Transaction is stored as blocks in the blockchain. As the blockchains are transparent, every user in the blockchain will be able to discover the amount of Bitcoin in your wallet, but they will be not able to discover the address linked to a particular block. So, it is always a good practice to have multiple addresses and not sending excess Bitcoins to the single Bitcoin to avoid anonymous attacks.
With Bitcoins, the transactions can be made very quickly within 10 minutes or within 24 hours. There is no timing restriction, and hence the Bitcoin centres function 24*7. The transaction fee is also not imposed on making a national transaction. For making an international transaction, the only a very negligible amount will be imposed. There are no restrictions in sending the number of Bitcoins or any other transaction limit.
No way of getting back the Bitcoins
While making a transaction with the Bitcoins, the user must pay attention to entering proper details. If the user had dome mistakes in sending address, the sent Bitcoin would not be able to get back, unless, the receiver thinks to send it back. This feature has added advantage that the receiver to whom you have sent Bitcoin cannot claim that he didn’t receive any Bitcoins.
The Bitcoins are digital currencies, meaning their values to be stored in a wallet as 0’S and 1’S.The wallet keeps note of the number of cryptocurrencies that are associated with a particular Bitcoin address, that is used for making the transaction. Like the traditional wallets, you will not be able to store the Bitcoins physically. The wallets are files that store the private keys and public keys to process the Bitcoin buying or selling. The public key can be used by other users to send you the Bitcoin, whereas the private keys will be used by you to send Bitcoin to others. The users can store their Bitcoins either in the paper wallet or online wallets. The Bitcoin wallet can be used for the following:
- For sending and receiving cryptocurrencies
- The miner creates the Bitcoins, which can be stored on the wallet.
- The Bitcoins are used for coordinating the blockchains with all nodes of the Bitcoin network.
A bitcoin wallet is merely a software, app pr web site, that,administers the Bitcoin private keys for Bitcoin transaction. The various types of Bitcoins wallets can be 1) Hardware 2) Mobile 3) Desktop 4) Web 5) Paper.
The Bitcoin payments will be accepted in most of the online shopping, aeroplane booking sites, theatres, bills paying for restaurants, hotels, casinos, and purchasing gift cards. Thus this article has given a deep insight into the characteristics of Bitcoins. As per research, more than 25 million people owe Bitcoins. If you want to become one of the top Bitcoin owners, you have to possess 0.155 Bitcoins only!