Wednesday, 20 December 2017

Is BITCOIN useful ??

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IS BITCOIN USEFUL :

IT'S FASTER THAN MANY TRANSACTIONS


                 When you do a money transaction through a bank or any other wallets the money will be held for many days by the bank and so its not trustable. By doing a bitcoin transactions the transfer can be instantaneous or maximum 10 minutes .If the transactions are zero confirmation that is merchant takes risk of accepting transaction that has not been confirmed by the blockchain.

NO INTERFERENCE OF GOVERNMENT

             Bitcoin is a crypto currency and it is decentralized that is no involvement of the central government and you own it. No government authority and no bank has control over these transactions.

BITCOIN TRANSACTIONS IS CHEAP

                      If you do any transaction using credit card or debit card a swipe fee or tax is charged but by using bitcoin, the transaction fee is minimum or some times free.

NO ONE CAN STEAL YOUR PAYMENT INFORMATION

                          When we do credit card transaction the bank asks for card number, expiry date and Cvv and it is less secure to think the way to do online business.But by doing bitcoin transaction the server does not ask any secret information instead requires two keys

~Public key
~Private key

                        Everyone can see the public key but no one can see the private key its confidential or secret.In bitcoin the transaction is done by combining the private and public key by applying a function.
Hence the transactions are secured.

ITS PRIVATE

                             Bitcoin transactions is like a plastic wallet with invisible owner.No one knows whose it is. Bitcoin is a private currency.

YOU CAN MAKE YOUR OWN MONEY

                      Most central governments take a fair view of producing your money own. In bitcoins it is encouraged.You can buy bitcoins or you can make your own if you have computing power.

BEST WAYS OF SPENDING YOUR BITCOIN :

~DONATION THAT IS FROWNED UPON

                           Some people feel tensed or shy to donate to some organizations.For these transactions bitcoin is best because by these transactions the identity of sender can be kept confidential.Government bans some organizations to accept funds by credit card or PayPal But some people want to support these organizations this is perfect time to use crypto currency because the identity of the sender can be kept secret.

~GAMBLING

                                As these transactions are decentralized no one knows the identity.We can use bitcoins in online gambling where people play from different countries and there is no use of credit or debit card.By using bit coins the transactions can be done by players all over the world.

~TRANSFERRING MONEY ACROSS THE GOVERNMENT GROUNDS OR LINES

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