What is Bitcoin? Bitcoin is an innovative payment network and
a new kind of money.
Bitcoin uses peer-to-peer technology to operate with no
central authority or banks; managing transactions and the issuing of bitcoins
is carried out collectively by the network. Bitcoin is open-source; its
design is public, nobody owns or controls Bitcoin and everyone can take part.
Through many of its unique properties, Bitcoin allows exciting uses that could
not be covered by any previous payment system.
Why should I use Bitcoin? Bitcoin is the simplest way to
exchange money at very low cost. Mobile payments made easy Bitcoin on mobiles
allows you to pay with a simple two step scan-and-pay. No need to swipe your
card, type a PIN, or sign anything. And all you need to do to receive Bitcoin
payments is to display the QR code in your Bitcoin wallet app and let your
friend scan your mobile, or touch the two phones together (using NFC radio
technology).
Security and control over your money
Bitcoin transactions are secured by military grade cryptography. Nobody can
charge you money or make a payment on your behalf. So long as you take the
required steps to protect your wallet, Bitcoin can give you control over your
money and a strong level of protection against many types of fraud.
Works everywhere, anytime
Just like with email, you don't need to force your family to use the same
software or the same service providers. Just let them stick to their own
favorites. No problem there; they are all compatible as they use the same open
technology. The Bitcoin network never sleeps, even on holidays!
Fast international payments
Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no
bank to slow down the process, level outrageous fees, or freeze the transfer.
You can pay your neighbors the same way as you can pay a member of your family
in another country.
Zero or low fees
Bitcoin allows you to send and receive payments at very low cost. Except for
special cases like very small payments, there is no enforced fee. It is however
recommended to pay a higher voluntary fee for faster confirmation of your
transaction and to remunerate the people who operate the Bitcoin network.
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 just like with real money. You
should however take note that some effort can be required to protect your
privacy.More on Bitcoin in future postings.....(To Be Continued)
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