Political Keeda

Different advantages of Bitcoin

Below you can read Different advantages of Bitcoin Decentralization: There is no entity that regulates bitcoins. Therefore, there will be no way...

Below you can read Different advantages of Bitcoin

Decentralization:  There is no entity that regulates bitcoins. Therefore, there will be no way for anyone to say we are going, we turn off the bitcoins. Not unless the whole network decides.

Freedom of payment: With bitcoins, payments can be made without the need to provide any data. You simply enter a page, they show you an address to which the bitcoin has to be sent, it is sent and the payment has already been processed.

Freezing of funds: This cannot happen with this virtual currency. There is no way, outside of illicit activities, that a third party can take or freeze your bitcoins. Currently it is impossible because of the cryptographic protection they have. The only way is for the user to steal the address key. Only the user has control of the wallet and the password.

Low commissions: This is a benefit that has decreased over time. The more people adopt it, the more saturated the network becomes. And there is a war of commissions, people who want their transactions to go faster pay higher commissions and vice versa.

Global: Someone from Mexico can send bitcoins to a friend who is in South Africa and anywhere in the world, as long as they have an Internet connection.

How does it work?

One of the most interesting and imminent blockchain applications is with Bitcoin. Although volatile by nature, Bitcoin represents a not-so-distant future in which payments are secure, data-driven, and digital. Bitcoin is used through a wallet (digital wallet), which stores and manages our bitcoins. These portfolios are capable of issuing transactions that are sent to the network, because bitcoin is a totally decentralized network, since there is no one company or group that owns the currency.

Share this story