It is believed that Bitcoin is only used to a minor extent for payments. Instead, the currency is held for speculation or saving purposes. If Bitcoin is to take market share from traditional payment services, it must thus be used for payments to a much greater extent than currently. What could prevent such a course
In the previous Bitcoin article we talked about How the Transaction is Verified by the Network and how the verification process work in the background and remembered that a Bitcoin transaction is not completely anonymous. Because it is added to the blockchain, it is registered and readily available online. It is thus fairly simple to identify the wallets
As you have seen some of the previous articles in this blog you have seen that Bitcoin is a crypto currency that is changing the world and the way people is using money nowday in combination with the power of internet. Bitcoin is seen as digital gold for people who understand it´s value an obviously
In the previous article (What is Bitcoin? – Part III) we talked about the concept “asymmetrical encryption” and how the sender (person A) and the recipient (person B) of encrypted messages can be securely identified. Asymmetrical encryption is based on A and B having two encryption keys each. Now we are talking about how The transaction is
For individual users, there are both benefits and drawbacks in Bitcoin, depending on the payment situation. The benefits mainly relate to anonymity/integrity, convenience, rapidity and costs. The drawbacks mainly relate to the lack of any kind of protection for users. In certain situations the benefits can outweigh the drawbacks, and vice versa in other situations.
Bitcoin is what is known as a virtual currency.1 A virtual currency is a means of payment; that is, units of the virtual currency represent a value. It is intended for use in payments within a specific virtual community, such as a particular website, or in a network of users with special software for managing
For some experts Bitcoin is the Future Virtual Coin, Bitcoin is a so-called virtual currency that has been devised for anonymous payments made entirely independently of governments and banks. In recent years, Bitcoin has generated a great deal of attention on several fronts. Bitcoin payments are based on a new interesting technical solution and function differently to