What is Bitcoin and how the transactions work?
Bitcoin is a cryptocurrency that emerged back in 2008 and now has become a major transactional element in the online community. Bitcoin is digital money that you can send and receive with having to worry about the middleman. You have full control over your money thus can send and spent is anywhere you wish within minutes.
Transactional properties of Bitcoin
Some of the major properties of Bitcoin technology are listed below to help you get a better understanding of the process. The major transactions properties are;
Bitcoin transactions are irreversible. This means that once you have made a transaction there is nothing you can do to reverse it. No one either you or the receiver can cancel the transactions once it has been made. So this also means that if a hacker or a scammer steals money from you there is nothing that you can do about it. Once something is gone it’s gone forever.
This is one of the major benefits of Bitcoin transactions. Your Bitcoin account has a unique address that is composed of around 30 characters. This address is used for transactions thus there is no way one can identify the real world identity of a Bitcoin account holder.
- Fast and global
Transactions on the Bitcoin network take place within minutes or an hour tops. Thus the process is very fast and efficient, unlike other financial transactions which take days. The network is created at the global level so you can send money anywhere around the globe without having to worry about your physical location.
The Bitcoin balance is secured in your digital Bitcoin wallet that is protected with a private key which is the digital signature that allows you to carry out the transactions. It is nearly impossible to crack the Bitcoin address due to the complex mechanism used to manufacture it.