By now, everyone would have known what Bitcoin is and how exactly it emerged. Bitcoin came into existence in 2008 when Occupy Wall Street blamed the banks and other lending institutions for exploiting borrower’s money, fooling customers, manipulating the system, and charging a whopping fee from their clients. The main objective of the Bitcoin founders was to remove this corruption and make the transaction process smoother and transparent than ever before. They wanted to create a decentralized transaction system where there would be no interest fee, no middlemen, and clear transactions. This decentralized system made it easier for people to handle their funds in a more accurate way.
Considering its advantages and super smooth transactions, it goes without saying that Bitcoin has gained immense popularity in no time. From healthcare industries to manufacturing or construction units, there is hardly a sector which won’t accept Bitcoin transactions.
Understanding the intricacies of Bitcoin
To put it in the simplest terms, Bitcoin is nothing but virtual currency. Such transactions can be processed through a check, wiring, and cash. The best part is you can even use Bitcoin (BTC) for super secure transactions. BTC is a long code that is encrypted with 16 different symbols. The code is so secure that only the buyer can decode it using his mobile so that he gets cryptocurrency from the sender’s account.
Have you ever played the online casino – mobile Roulette? If yes, you might have used cryptocurrency for transactions. Even casinos have started to embrace this sophisticated technology to make monetary transactions secure and faster. Let’s have a look at some important properties of Bitcoin
Properties of Bitcoin
- Permissionless
In order to be able to use Cryptocurrency and Bitcoin, you don’t need anyone’s permission. A cryptocurrency is a software that anyone across the globe can use for free. All you need to do is download the software and you’re ready to go.
- Irreversible
Ever wondered what makes Bitcoin stand out in the market? There’s no doubt that its irreversible nature is one of the most interesting parts that help it gain popularity all across the globe. Yes, you read it right! Once you have processed the transaction, there is no way you can reverse it. In fact, nobody (regardless of how powerful he/she is) can reverse the confirmed transaction (not even the president of the country). While this feature is amazing, it comes with its share of risks. If some scammer hacks your computer or mobile and steals your Bitcoin, you can’t get it back. Similarly, if you have sent money to the wrong person, you have lost it. Hence, the individual needs to be extra careful when processing Bitcoin transactions.
- Fast and Global
As soon as you confirm the transaction, it will be credited to the receiver’s account almost immediately. Once the receiver gets the money, you will be notified through a message. Bitcoin transactions happen in a global network of computers, meaning you can send the money to anyone from your neighbours to your relatives living outside the country’s border.