1. It is decentralized
The Bitcoin network is not controlled by any authority. Every machine that "mines" bitcoins and processes transactions is part of the network and they all work together. This means, in theory, that no bank (state) can change its monetary policy and cause it to collapse or simply decide to take bitcoin from people.
If part of the network drops for some reason, the money will continue to flow and all transactions will still be able to be executed. Decentralization is one of the essential characteristics of the entire blockchain and cryptocurrency ecosystem.
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2. It's easy to open an account
In traditional banks, opening an account requires a lot of paperwork, and setting up a payment transaction account for a certain amount of time. A bitcoin account (address) takes seconds, no cost, no additional questions, and if you are determined to open your address, visit our article dedicated to this.
3. (pseudo) It is anonymous
It is partially anonymous, more precisely pseudo-anonymous. The user can own multiple bitcoin addresses and they are not associated with names, addresses, or any personal information.
4. It is completely transparent
Bitcoin stores information about absolutely every transaction that has ever happened on the network and stores it in the so-called. Blockchain. Blockchain says it all. If you own an address, anyone can see how many bitcoins are stored at that address. However, no one knows who it belongs to. Of course, there are ways to better hide your activities, such as using multiple addresses and not linking all transactions to a single address.
Many digital wallets already work with automation, where from one "core" address they always generate new ones that are associated with your wallet. Likewise, classic fiat money mostly enters the crypto economy through tkz. exchange offices that have most of the information about the users at that moment. With this data and the “traceability” or transparency of the blockchain itself, we come to why bitcoin is actually pseudo-anonymous.
5. Transaction costs are (not) negligible
At the time of writing this article back in 2014 and in the spirit of the initial idea of Bitcoin - A Peer-to-Peer Electronic Cash System, we wrote: “Bitcoin does not require any fee, while transferring money to the bank would require payment of a fee, especially if it is an international payment. There are currently some stores that are taking a small fee for introducing bitcoin as a payment method, but over time this will disappear. ”
6. The network is fast
You can send money anywhere and it will arrive a few minutes later as soon as the Bitcoin network processes the payment. More specifically, the transaction will instantly appear on the network and then wait at intervals of an average of 10 minutes for your transaction to receive confirmations from network miners who validate the transactions. You can experience the feel of the blockchain network on Block Explorer.
7. Transfer is irreversible
Once you submit bitcoins, you cannot "revoke" them, as you can do with banks. This opens the door to security for merchants. The only way you can get the money back is to send it back to the person you sent it to. It also places the responsibility on the sender himself to make sure at which address he sends his cryptocurrencies.
Posted via Steemleo