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, meaning its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows for exciting and flexible uses that could not be achieved by any previous payment system.
All you need 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)
You can also simply share your wallet address to send and receive bitcoins instantly and easily. You can send bitcoin directly to anyone in the world and fast, including international transactions as well. All bitcoin transactions incredibly efficient. You do not need to wait for days on end for wire transfers to clear with the bank.
Bitcoin transactions are secured by cryptography. Nobody can charge you money or make a payment on your behalf. So long as you take the required steps to protect and secure your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
Wallet addresses can also be easily regenerated, increasing the privacy of your money when compared to traditional currency systems. With this high level of security, it makes it very difficult to steal bitcoins.
The only requirement to send and receive bitcoins is to have a bitcoin wallet address. With this, it does not matter which type of wallet provider you have - a Coinbase wallet user can send bitcoin to a Spectrocoin wallet user, instantly with no extra hassle or wait time.
Just like with email, you don't need to ask 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!
Sending bitcoins across borders is as easy as sending them across the street. Bitcoin transactions are immediate regardless of where in the world you are.
There are no banks to make you wait three to five business days to receive funds, no extra fees for making an international transfer and no special limitations on the minimum or maximum amount you can send.
Did you know that bitcoins are tax-free? With no third-party interactions, there is no viable way to implement a tax system over bitcoins.
There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Most wallets have reasonable default fees, and higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin.
It is possible to send a payment without revealing your identity, almost like cash payments. Any customer can create a completely new and random bitcoin address that has its very own unique private key.
A bitcoin wallet address is not connected to the personal information or identity of the user, unlike a traditional bank account or payment system. There is no need to submit any personal information to a third party party source for verification, like when you apply for a credit card.