1. Open code for mining crypto currency – BTC applies the same algorithms that are used
in on-line banking. The solely distinction of Internet banking is the disclosure of information
about the users. All statistics about the transaction in the BTC community is shared (how,
when), but there is no records about the recipient or the sender of the coins (there is no
access to the private information of the owner`s wallet).
2. No inflation – the maximum quantity of coins is strictly limited with the aid of 21 million Bitcoins. As
there are neither political forces nor companies capable to change this order, there is no
possibility for development of inflation in the system.
3. Peer-to-peer cryptocurrency network – in such networks there is no master server, which
is accountable for all operations. Exchange of data (in this case — money) is
between 2-3 or greater software clients. All installed via users program-wallets are section of a
bitcoin network. Each customer stores a record of all dedicated transactions and the
number of bitcoins in every wallet. Transactions are made by using heaps of distributed
servers. Neither banks or taxes, nor governments can manipulate the exchange of money
between.
4. Unlimited possibilities of transaction – each of the wallet holders can pay to anyone,
anywhere and any amount. The transaction can no longer be managed or prevented, so you
can make transfers anywhere in the world wherever any other user with a Bitcoin wallet is
located.
5. No boundaries – Payments made in this system are not possible to cancel. The coins
cannot be faked, copied or spent twice. These abilities guarantee the integrity of the
entire system. Every month the variety of online shops, resources, and corporations to
accept BTC is expanding.
6. Low BTC operation cost – The BTC cryptocurrency works as physical cash, combining
the features of e-commerce. No need to pay commission and fees to banks and other
organizations. The primary part of such system is mathematics, which does not need
money. The commission fee in this system is lower than in any other. It quantities to 0.1%
of the transaction amount. The operation interest charges go to BTC miner’s wallets.
7. Decentralization – There is no central control authority in the network, the network is
distributed to all participants, each pc mining bitcoins is a member of this system.
This means that the central authority has no power to dictate regulations for proprietors of bitcoins.
And even if some part of the network goes offline, the payment system will continue to
operate stable.
8. Easy to use – Taken into account that the technique of opening an account for the
company in Ukrainian banks is overcomplicated and can be refused without explanation,
using BTC is handy for companies. The company needs about 5 minutes to
create a BTC wallet and right away begins to use it without any questions and
commissions.
9. Anonymity – It is completely anonymous and at the equal time wholly transparent. Any
company can create an endless quantity of bitcoin addresses without reference to name,
address or any other information.
10. Transparency – The BTC stores the records of transactions that have ever taken place. It
is referred to as a sequential chain of blocks or blockchain. The block chain maintains information
about everything. So if the corporation has publicly used the BTC address, then anyone
can see how much BTC is owned. If the corporation address is no longer publicly confirmed, then
no one will ever know that it belongs to this company. For complete anonymity
companies typically use the special BTC address for each and every single transaction.
11. Speed of transaction – The capability to send money anywhere and to anyone in a matter of
minutes after the BTC network will process the payment.
12. It belongs solely to the wallet owner – There is a unique electronic payment system where
the account belongs to the owner only. For example, on PayPal if for any cause the
company decides that the owner by some means makes use of the account in a incorrect way, the system
has the right to freeze all money on the account without even warning the proprietor about it.
Verification of the appropriate utilization of account is the complete accountability of the owner. With
BTC, the owner has a private key and a corresponding public key, which is the address
to the BTC wallet. No one but the owner can withdraw bitcoins.
13.No probabilities to use some personal records for fraud – This is an vital point. Today the
majority of purchases are made with credit cards. They are unreliable. Filling varieties on
websites, clients are required to enter the following data: card number, expiration
date and code. It’s difficult to come up with a much less impervious way to make payment. Therefore,
credit cards are very frequently stolen. BTC transactions do not require disclosure of any
personal data. Instead, it uses two keys: public and private. The public one is available
to all (i.e. the tackle of BTC wallet), however the personal key is recognised only to the owner. The
transaction wishes to be signed by interacting private keys and making use of a mathematical
function. This creates evidence that the transaction is performed by the owner.
14. The possibility of investing funds in the transparent and profitable resource