Unique features of Bitcoin cryptocurrency today
There are many unique features of Bitcoin cryptocurrency, which collectively make it a popular form of cryptocurrency today. Let’s explore what some of these are.
Since 2009, cryptocurrencies have been gaining in popularity worldwide. And Bitcoin can easily be considered the original and best. To find out why, we look at two of the most important features of Bitcoin today. If you are interested in bitcoin, you may also consider researching BitIQ.
So why is Bitcoin so popular? Of all its features, two stand out for most of its users: the ease of its availability and the peace of mind of its security. Let’s look at both in more detail.
It is easily available
One things that has ensured the enduring popularity of Bitcoin is the case with which most people can access it. Basically, Bitcoin is easily available for anyone with an internet connection and a device that can access the internet – a computer or smartphone, for example.
You can acquire Bitcoin in many different ways. These include buying it from a cryptocurrency exchange or an individual seller, receiving it as payment for goods or services, or even mining it yourself.
A cryptocurrency exchange is a platform where people buy and sell cryptocurrencies, including Bitcoin. There are many exchanges to choose from, and it is essential that you research one that is reliable and with excellent security measures in place. Once you have signed up to an exchanged and been verified, you can deposit funds into your account and begin buying Bitcoin.
You can also buy Bitcoin from a Bitcoin ATM. Just find one near you (there are around 39,000 around the world, with most based in North America) and follow the on-screen instructions. You will usually need a Bitcoin wallet address first though, as this is where your Bitcoin will be sent.
You can also buy Bitcoin from individuals seller via peer-to-peer marketplaces which connect Bitcoin buyers with sellers who are looking to sell their cryptocurrency for cash or other payment types.
To receive Bitcoin as payment for goods and services, you will need a Bitcoin wallet, then simply display your Bitcoin address on your website or in your restaurant or store.
It is secure
As well as being easy to access, people like Bitcoin because it has a reputation for being secure. And there are a few important reasons for this.
The first is that it operates on what is known as a decentralized system. This means that, unlike traditional fiat money, which is controlled by central authorities like governments and banks, cryptocurrencies like Bitcoin use a peer-to-peer network of users. And every Bitcoin user has their own copy of the blockchain, the digital ledger that records all transactions.
This largely protects cryptocurrencies from political upheaval and changes, and localised economic issues.
Another reason why Bitcoin is considered secure is because it uses something called cryptography. In simple terms, cryptography is the science of encoding and decoding information in order to protect it from access by anothorized people or organizations. Bitcoin uses cryptography to secure transactions and to protect the privacy of the people using it.
Every transaction you make using Bitcoin is encrypted so it is pretty much impossible for hackers to intercept and manipulate the data, and steal your money.
And finally, Bitcoin’s use of blockchain offers peace of mind when using the cryptocurrency. Blockchain is a decentralized digital ledger which records every single Bitcoin transaction, securely and transparently. In effect it is a database with a list of all records (called blocks). These are linked and secured using cryptography. The links creates a tamper-proof, unchangeable chain of records which can be seen and verified by anyone on the network.