10 Facts about Bitcoin

Thursday, July 9th 2015. | Business

Facts about Bitcoin talk about the payment system. There is no need for us to have an intermediary when we want to transact directly. It is a peer to peer system published in 2008. The creator is Satoshi Nakamoto. In 2009, the open source software of Bitcoin was released in the market. If you are interested to know how this Bitcoin works, check the following post below:

Facts about Bitcoin 1: the block chain

The block chain is one of the important terms in Bitcoin. It refers to the public distributed ledger. If you make the transaction using Bitcoin, the networked nosed will be verified. Moreover, the block chain will record it.

Facts about Bitcoin 2: a decentralized virtual currency

Bitcoin is included as a decentralized virtual currency by the United States Treasury. It is due to the fact that the system of Bitcoin does not have a single administrator or central repository.

Facts about Bitcoin

Facts about Bitcoin 3: the digital currency

Bitcoin takes the credit as the first digital currency even though there were several systems occurred in the past. People also called it as the first cryptocurrency.

Facts about Bitcoin 4: As a reward

The function of the Bitcoin is for the payment processing work. It is used as a reward. The users can offer Bitcoin for the computing power can be used to record and verify payment. The people can get this Bitcoin through the mining process which I have explained in previous sentences.

Bitcoin

Facts about Bitcoin 5: exchanging currencies

The users can get Bitcoin through exchanging too. You can exchange services, products and currencies.

Facts about Bitcoin 6: the popularity

The popularity of Bitcoin is increased today. The fee is 2 to 3 percent lower than the credit card processor.

Bitcoin Pic

Facts about Bitcoin 7: is it different from credit card?

Bitcoin and credit card has different system. The credit card is paid by the vendors, while the Bitcoin is paid by the purchaser. Find out ALDI facts here.

Facts about Bitcoin 8: protection

There is no protection for Bitcoin users even though some merchants accept it as a payment. The Bitcoin users are warned by European Banking Authority and other sources that it is not protected by chargebacks and refund rights.

Bitcoin Cash

Facts about Bitcoin 9: the retail transaction

As I have stated before, Bitcoin can be used in various merchants. But it is not popular among the retail transactions.

Facts about Bitcoin 10: the criminals

Bitcoin also attracts the criminals. The activities of criminals can be seen on the theft and black markets. Therefore, it becomes the attention of the media, law enforcement and legislative bodies. Get facts about accounting here.