What is bitcoin (part 2)

What is bitcoin (part 2)

    What is bitcoin (part 2)

    In this article, we complete some information about Bitcoin and review some of the advantages and disadvantages of Bitcoin

    How do i get bitcoins?

    As a price for products or services.
    Buying bitcoins through bitcoin exchange services.
    Swap bitcoins with someone near you.
    Bitcoin won through competitive exploration.
    Although it's impossible to search out people willing to sell bitcoins in exchange for paying by mastercard or paypal, most bitcoin exchange services don't allow adding money using these payment methods. this can be because of the cases within which an individual should purchase bitcoin through Paypal, and so reverse their a part of the transaction. This process is understood as a "chargeback" or request for a refund.

    How difficult is Bitcoin payment?

    Paying with bitcoin is simpler than buying with credit or debit cards, and it will be accepted without the requirement for a banking concern account. Bitcoin payments are made through a bitcoin wallet program, either through a private computer or smartphone, by entering the recipient's address and therefore the amount paid and pressing Send. to form the method easier when entering the recipient's address, many wallets can know the address by scanning the QR code or by touching two phones together using NFC technology.

    What are the benefits of bitcoin?

    Freedom to pay - it's possible to send and receive any amount of cash in real time from or to anywhere within the world at any time. No bank holidays. no limits. No restrictions to bypass it. Bitcoin allows its users to completely control their money.
    Very Low Fee - Bitcoin payments are currently implemented either without fees in any respect or at very low fees. Users can include transfer fees with their payments to get implementation priority, leading to faster confirmation of the transaction by the network. Additionally, traders have units to assist process transactions, convert bitcoins into official currencies, and deposit funds directly into their bank accounts on a everyday. Because these services are supported bitcoins, they'll offer their services at much lower costs than Paypal or mastercard networks.


    Less risk for merchants - Bitcoin transactions are safe, irreversible, and don't contain sensitive or private consumer information. This protects traders from loss arising from fraud or unsuccessful attempts to return money, and there's no need for any compliance with the PCI rules. Merchants can expand to new markets where mastercard support is unavailable or where fraud is rising unexpectedly. the top result's fewer transport fees, more markets, and fewer administrative fees.


    Security and control - Bitcoin users have full control over their transactions; it's impossible for merchants to forcibly charge undeclared or unwanted fees as might happen with other payment methods. Bitcoin payments are often made without personal information being combined or linked to the transaction. This provides superior protection against identity thieves. Bitcoin users can even protect their money through backup and encryption.
    Transparency and impartiality - all information about providing funds to Bitcoin itself is on the market during a block of blocks for anyone to use and verify from them in real time. nobody or organization can control or manipulate the Bitcoin protocol because it's secured through an encryption and encryption system. this permits the bitcoin to be trusted, neutral, transparent and fully predictable.

    What are the disadvantages of bitcoin?

    Degree of acceptance - many folks are still unfamiliar petcoins. Every day, more businesses are accepting bitcoins because they require to urge the advantages of accepting them, but the list remains small and still has to grow so as to profit from the network's efforts.
    Scalability - the complete value of a bitcoin in circulation and therefore the number of companies that use bitcoin are still small compared to what they might be. Therefore, relatively small events, trade or business activities can significantly influence the worth. Theoretically, this volatility will decrease with the event of bitcoin markets and technology. the planet has never seen an emerging process like this, so it's really difficult (and also interesting) to imagine what it'll be like.
    Ongoing development - The Bitcoin program remains under beta with many incomplete features still under development. Many new tools, features and services are being developed to form Bitcoin safer and accessible to everyone. Many are still not ready for everybody. Many businesses that use bitcoin are still new and don't offer insurance. In general, Bitcoin continues to be ripe.
    Mohamed Sleem
    @Posted by
    writer and blogger, founder of موقعى .

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