Cryptodex

What is Bitcoin?

 

Bitcoin is a peer to peer virtual currency that exists independently of banks and other financial institutions. It allows to users, anywhere in the world, to transact a digital unit of value, not bound by any borders or fiat currencies. The transactions are usually settled in under an hour, and there are no middlemen taking fees in the same way as credit cards. 

 

EASY Payments

Bitcoin allows you to pay with a simple two step process. There is no need to sign up for an account, swipe a credit card, type a PIN, or sign a receipt. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app have the other party scan it and confirm the transaction.

 

Security and control over your money

Bitcoin transactions are processed by using cryptography. There is no way anyone else can get into your wallet. As long as you can keep your wallet file and password in a safe place, no one can take your Bitcoins.

 

Fast international payments

Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.

 

Protect your identity

With Bitcoin, there is no credit card number that some malicious actor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, almost like with physical money. You should however take note that some effort can be required to protect your privacy.

 

Bitcoins transactions are processed on what is known as a blockchain.
Alright, So How Does it work?