General description of the Bitcoin online system
Many have heard about the payment system called Bitcoin, which is designed for users of the World Wide Web. This method of making payments has existed for a relatively long time – it originated in 2009; Satoshi Nakamoto is credited with its authorship.
Bitcoin’s financial transactions are classified as non-refundable. The user who chose this method of deposit replenishment can be sure of its security, because there is certainly no way to make payments more transparent. The fact is that unlike other payment systems that people are used to actively using this recommended method of conducting financial transactions does not involve mediation.
Characteristics of Bitcoin
Why is it that intermediary services are not required in order to actively use the payment system? It should be borne in mind that customers who are fans of Bitcoin system, install on their gadgets a special client program called Bitcoin Core. All client programs allow you to create a network for the exchange of data in which absolutely no third parties are needed.
A potential customer will probably be interested to learn that there are approximately 13 million virtual coins – bitcoins – currently in circulation. The issuing of coins will cease in 2033 – it is programmed in the algorithm of the payment system. The number of virtual coins by that time will reach 21 million. It is also interesting that, unlike other payment systems, the Bitcoin electronic unit boasts a constantly changing exchange rate, which makes it possible to compare it with traditional currencies. Fluctuations of rate depend on consumer demand for this type of currency.
Uniqueness and advantages of Bitcoin
The main feature, of course, is that the operation of payment system is absolutely not governed, because Bitcoin is basically a collection of client programs with which one can make financial transactions. The system is also very reliably protected – there are absolutely no ways that can help fraudsters with the production of counterfeit currency units. Of course, this guarantees absolute client safety during transactions. Performed transactions are completely transparent, because they are permanently stored in Bitcoin’s database – they can’t be changed, falsified or deleted.
Undisputable advantages of the Bitcoin payment system also include the absence of hidden fees, such as numerous surcharges. However, a client wishing to expedite a transaction can pay for that service, which is quite convenient. The main thing about Bitcoin which is worth remembering is that a financial transaction that is carried out can’t be cancelled. So, for example, to return your money, you will have to create a new transaction. Therefore, be extremely careful when using Bitcoin!