Bitcoin is open source software or a payment system, which was invented by Satoshi Nakamoto in 2009. It is a type of digital currency or crypto currency which was invented for online monetary exchange. The record of money transactions in this payment system are kept in public ledger in the form of Bitcoin which is the official unit. It was introduced in the E-Commerce market with the intent to make online payment system more convenient and secure. Soon after Bitcoin came in the market, various other types of crypto currencies were invented. However the popularity of Bitcoin has still not faded and nowadays buying and selling Bitcoins is a business. People sell and buy these coins in order to earn profits just like in share market. However these coins are mostly used for making payments for purchases through an online account. In case you have never used them, then I would suggest you to try them once.
Following are few factors that make Bitcoins excellent for online money transaction:
Convenience is a major factor that makes these coins superb for online money transaction. You can easily access your Bitcoin account online through your phone, computer or laptop to make payments. You can access this account from anywhere to transfer money without any hassle. Even if you are in foreign country for vacation or business, you won’t be required to carry wads of cash or credit card. This global currency is accepted all across the world by businesses that use Bitcoin.
Bitcoin is open source software, which is fully decentralized. The transaction process is peer to peer and there is no third party interference. This helps in appreciating the value of money and removing the charges that are imposed by banks for money transaction. Therefore the people who use this crypto currency save a lot of money, which they had to give away to banks as transaction charges.
Except for voluntary fee there are no extra charges of using this payment system. Apart from this the transaction process is quick and if you have some urgent payments to make, then nothing can be better than Bitcoin.
The monetary transactions that are processed through Bitcoin are verified by the same encryption which is used in government and military applications. Therefore your money will stay safe and there are very few chances of any problem. This money transfer system is almost flawless but you should always make sure that the party with which you are exchanging Bitcoins is not corrupt.
In this article the author has introduced about Bitcoins and has also elaborated about few factors that make them excellent for online money transfer.