What is Bitcoin?
Bitcoin is a virtual currency that similar to the Ethereum, that is regulated by a decentralised network of users.
And it is not directly subject to the whims of central banking authorities or national governments.
In other words, you could buy and sell Ethereum in Malaysia without any interference from the World Bank or government.
There are hundreds of cryptocurrency like Bitcoin in Malaysia that active use today.
Yet, Bitcoin still by far the most popular and widely used cryptocurrency.
Like the traditional currencies, such as the US dollar, Bitcoin holds the value relative to other currencies and physical goods.
Bitcoin can divide into decimals that representing a smaller unit of value.
Also, bitcoin still considered as the most versatile cryptocurrency around.
It can be used to purchase the goods from an ever-growing roster of merchants that accept Bitcoin payments.
You can buy and sell bitcoin or exchange it with other private users as consideration for the service performed or to settle the outstanding debts.
You too could sell Ethereum or swap for other currencies, both traditional and virtual. Click here for more information.
How Bitcoin Works?
Again, bitcoin is a cryptocurrency, which supported by a source code that uses highly sophisticated algorithms to prevent any unauthorised duplication or making of the Bitcoin units.
The code’s underlying principles, known as cryptography, are based on advanced mathematical and computer engineering principles.
Moreover, it is virtually impossible to break Bitcoin ’source code and manipulate the currency’s supply.
4 Benefits of Bitcoin
Although it was introduced by other virtual currencies, Bitcoin is known as the first modern cryptocurrency.
This is because bitcoin is the first to blend certain vital features that shared most subsequently created cryptocurrencies.
1. User Anonymity
The intense privacy protections are baked into Bitcoin’s source code.
The system is designed to publicly record the bitcoin and other relevant data without revealing any identity of the individual involved.
Instead, bitcoin users are identified by the public keys or numerical codes that define them to other users.
Thus, the user often uses the pseudonymous to sell bitcoin without revealing its personal information.
The additional protections allow the users to further conceal the source and the flow of Bitcoin.
2. Fast and Easy
A bitcoin transaction is speedy if compared to the banking channels.
The bitcoin transaction is as fast as an e-mail that can be processed within 10 minutes.
Besides, it is also can be instantly processed if they are “zero-confirmation” transaction.
In other meanings, the merchant takes on the risk of accepting a transaction that has not yet been confirmed by the bitcoin blockchain.
The confirmed transactions are those who take at least 10 minutes to process.
3. Minimal Fees
One of the benefits of using bitcoin in trade is it has low or sometimes there are no transaction fees at all.
It all depends on the priority of the person.
If the person requests that the transaction get processes fast, then you have to pay the transaction fees which are still quite low as compared to other financial intermediaries.
4. Fewer Risks
This is one of the great benefits offered by bitcoin which bitcoin transactions are well-secured and irreversible.
Furthermore, it does not contain any customer’s sensitive or personal information in making the transaction.
This could protect the merchants from losses caused by the fraud or any other fraudulent chargebacks.