24. Oct 2016

What bitcoins are

It is simple – this is future money. This is a new cryptocurrency (an electronic equivalent for real money).

Bitcoin is a unique electronic currency. In short, bitcoins are golden electronic coins with the possibility of instant online transfer, which can be publicly tracked. This allows carrying out transfers without involving banks or exchange markets, ensuring the absolute transparency of the system.

The transparency of all transactions is incredibly easy – registration, scanning documents – all of this is the past – an account is opened in one click. Bitcoin is based on perfect encryption mechanisms which make hacking almost impossible.

But that is not all. Bitcoin is a decentralized system. This means that this system does not have one owner – it is based on servers located all over the world that have different owners. This makes the system practically invulnerable to both hostile actions and inflation. Here are some additional benefits:

Icon Simple mobile payments

Mobile bitcoin clients are allowed to make payments based on the scan-and-pay scheme. You do not need to use a card, type a PIN-code or sign anything. All you need for payment acceptance is to open the QR-code from your mobile wallet and to show it to your friend, so that he can scan the code with his cell phone, or you can just bring the phones close to each other (if you use the NFC technology).

Icon Safety and control for your money

Bitcoin transactions are protected by the highest level of cryptography. No one can withdraw your funds or make payments on your behalf. As long as you perform all the actions necessary to protect your wallet, Bitcoin helps you to control your money and gives you a high level of protection from all sorts of fraud.

Icon Works anytime, anywhere

It is not necessary for you to use the same programs and use the services of the same provider as your friends, much like it is with e-mail. All of you can use anything you like. There will be no problems, as Bitcoin software is compatible with everything because it uses the same technology. The Bitcoin network works all the time, even on holidays!

Icon Fast international transfers

You can transfer bitcoins from Africa to Canada in 10 minutes. No bank will be able to slow down this process, charge huge commission fees or freeze the transaction.  It is as simple to transfer money to another country as it is to transfer it to your neighbours.

Icon Zero or very low commission fees

Bitcoin allows you to send and receive payments almost for free. There are some exceptions, e.g.  in the case very small payments, there are no commission fees. However, it is recommended to pay a small voluntary commission fee for a faster confirmation of your transaction and to reward the people who service the Bitcoin network.

Icon Protect your personal data

Anonymous payments are part of our everyday life, as most of the purchases in the real world are made without having to confirm your identity. Bitcoin offers similar freedom online. It allows you to buy services and make donations without the annoying tracking of your personal data by third parties.  However, keep in mind that complete anonymity requires additional steps.

Read more about bitcoins