I will love to share with you guys what I know and have learnt so far on cryptocurrency world as well as BTC, first of all what is bitcoin? Bitcoin without capitalization, it is described as a unit of account, while with capitalization, the concept of bitcoin is seen as a network.
Bitcoin is not just a digital money, it is a currency, a financial instrument, a method of investment, a medium of exchange, a unit of account, a store of value, a type of settlement system, and also a community. It is entitled to freedom in payments, any amount of money can be sent anywhere globally, without restrictions, it does not matter at all if there was a bank holiday, or the time of the transaction is after midnight.
Cryptographically secured transactions are presented on the blockchain that allows anyone anywhere to verify its validity. Your personal information cannot be revealed, chances of fraud on payments or theft of coins is eliminated. Regularly bitcoin has significantly low transaction fees, between 5 to 10 cents of the US dollar, also transaction fees through other methods like credit cards, paypal, and western union may reach the level of 9% of the transaction.
Any amount of transaction can be sent anywhere on earth within 3 seconds to 30 minutes.
You have nothing like a charge back option, as soon as the order for execution is carried out, no option to cancel the transaction is available. Lack of knowledge may lead to loss of private keys which act like passwords, knowledge on security options is also very essential.
Consumers pay fees for transactions, even merchants which converts bitcoin to local currencies, fees are charged and this is on top of the exchange rate, the customer of the merchant ultimately pay this as it will reflect on the price.
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