What is Bitcoin ? Simple Introduction

Bitcoin is a decentralized digital currency uses peer to peer technology for transferring money. The Bitcoin software is developed Satoshi Nakamoto (pseudonymous person or a group of persons). It is a open-source software, you can download software or source code from here. It uses encrypted keys which is assigned to each user, each key is secured using passphrase defined by key owner.

Key Features

1. There is no enforced cost for transaction, for faster transaction small payments are recommended. Here is a link in favour of it. You can see, here that a very small fee around $0.06 is raised for millions of dollar.

2. The best feature is international transactions in just few minutes, while the conventional bank transfer take about a week.

3. Each key has its own QR code which can be used in Bitcoin accepting stores using Bitcoin mobile app.

4. If you are paying  to anyone using your credit/debit card then your confidential card numbers can be compromised, but with Bitcoin, it is not possible to trace your identity. You can use multiple keys for receiving and sending payments.

5. You can use it for receiving payments on your e-commerce website using its simple APIs.

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Disadvantages

1. Transactions processed using Bitcoin are irreversible, means if you transferred Bitcoins to another person, it cannot be possible to get it back.

2. If you lost or forget Passphrase, then it is not possible to recover your Bitcoins.

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Conclusion

If you leave these two disadvantages you can treat more better with your money than conventional bank transfers. These advantages can be also be avoided by taking some precautions.

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