People are inclining their interest towards the use of digital cryptocurrency called bitcoins. Below are few of the top seven features that make it more popular among people in the world.
7 Best Features of Bitcoins
Bitcoin is a digital currency with best features that make it suitable for online transactions. This currency is different from the government approved currencies and have the following features:
1. Bitcoin Currency is Considered Decentralize
Bitcoin currency is called decentralize currency as it is not supported by any authority. Any user who has a wallet for bitcoin and machine that mines bitcoins, can become a part of bitcoin community and also these machines can work together in a network.
Bitcoin transaction has online ledger like a normal ledger, called Blockchain. The transaction fees on these ledger is different from the normal online transactions that happen with the government approved currencies. This should be noted that government of few countries like India do not consider Botcoin a legal currency.
2. Easy Mininig Operations
When we go to open an account in a normal conventional bank, a lot of bank formalities need to take care of. But in Bitcoin online transactions, no such formalities need to follow, and one can open his account within few seconds. This type of banking also does not need standing in long queues.
3. Transparent Operations
All the transactions happen in bitcoins are transparent and very little chances of any fraud. Every user gets a private key and has records of all his transactions in a general ledger called the blockchain. Every user has an address, and one can know how many bitcoins are there in that address without knowing that it belongs to whom.
4. Multiple Accounts of a Single User
Bitcoin allows multiple accounts to a single user depending upon his requirements like public, private or business or any other purpose.
5. Fast and Secured
The bitcoin transaction happens very fast, and the money sent from anywhere can reach you within minutes only.
6. Low Transaction Fees
The whole bitcoin transactions charge very low nominal fees which is just negligible. This is opposite to a normal bank transaction that usually charges £10 for any international transfers which is a good amount of transaction fees.
Bitcoins is a game of private keys. Every user has a private key assigned to him when he opens an account which is needed for any kind of transaction. If you forget your private key, its not possible to get back your bitcoins. Moreover, if you by mistakenly have sent the bitcoins to someone, there is no chance of getting them back unless and until the receiver returns them to you. This is why bitcoins are said to be non-repudiable.