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)
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.
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.
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.
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.
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.