Bitcoin is a virtual currency that is created by a computer process called bitcoin mining and the programmers who mine these crypto currencies are called miners. It is an international currency that is not regulated by government or banks and since it does not have any central authority to control, there is no intermediaries in transacting them and the transactions are peer to peer.
Some of the merits of using this money are as follows:
- Fraud – ビットコイン is digital money and cannot be reversed by anyone who sends it or receives it like a credit card payment and thus one cannot be made fraud with this type of transaction.
- Identity theft – This crypto currency uses a mechanism that works in the way the bitcoin holder or user will be able to send exactly the same amount of what he or she wants to the receiver or recipient without any further information.
- Instant settlement – When you transact other currencies, then there involves a number of third party services and thus it makes a payment to be delayed but with peer to peer transactions of bitcoins, there is no delay and transactions are made instantly.
- Lower transactional fees – There will be usually no transaction fees are collected when one transact bitcoins and though there is no transaction fee with bitcoins, many expect to pay a little fees for transact them.
- Access to all – These crypto currencies are not limited to particular group and are accessed by almost all people who have digital wallets in their mobile phones.
