The Bit coin is a money, like a euro or a dollar, which serves to exchange goods and services. However, unlike these currencies, Bitcoin is an electronic currency, which exists exclusively on the Internet, which gains prestige in cyberspace thanks to its efficiency, security, and ease of exchange.
What are the main advantages of Bitcoin for the user
Easy mobile payments
Bit coin allows you to pay with a mobile device in two simple steps: scan the QR code (account address) and pay. There is no need to swipe the card, type a PIN or sign.
Security and control
Transactions are secured by cryptography. No one can charge you money or make a payment on your behalf. Thousands of computer miners generate codes to shield the currency.
As with email, everyone can use this technology from anywhere in the world. How does bit coin work While there is an internet connection, operations can be done at any time.
Fast international payments
There are no intermediaries that delay the payment process due to hours or delays in operations. Payments are made immediately after having clicked.
There is no payment of commissions
Bitcoin does not generate a payment of commissions. But, usually, a voluntary fee is paid to increase the priority of the transaction or remunerate those who operate the Bitcoin network.
Protect your identity
With Bitcoin, there is no credit card number that someone can use to pass themselves off as one. In fact, it is possible to make a payment without revealing the identity, maintaining privacy.
RENTABILITY AT SCALE
For miners who maintain this active system, it is a highly profitable protocol. Although it demands an important investment in last generation servers, to keep the Bitcoin system safe and free of computer attacks, increasing the level of difficulty for a certain number of months, voluntary tips for transactions can add up to 20 BTC per month, which equivalent to more than US $ 50,000 in gross monthly income.
On the side of the companies, there are multiple benefits:
The cryptographic security offered by Bit coin allows transactions to be processed in a very efficient and cheap way. The user can send and receive payments using the Bit coin network with virtually no fees. In most cases, it is not necessary to pay commissions