What are the Transactional Properties of Bitcoin?

What are the Transactional Properties of Bitcoin?

Bitcoin is referred to as a cryptocurrency which is a form of electronic cash. It is a decentralized digital currency with no involvement of central bank or single administration and can be sent from user to user on the peer to peer bitcoin network on bitcoin exchange platforms like Quebex Canadian Bitcoin Exchange with no requirement of any intermediaries. This article emphasizes on the transactional properties of Bitcoin.

  1. These transactions are irreversible

After the transaction has been confirmed, it cannot be reversed by anybody. If you send money, you just send it. Not even your President can help you to reverse this transaction.

  1. The bitcoin transactions are pseudonymous

Neither the transactions nor the accounts are connected to any real world entities. You get Bitcoins on the addresses provided to you which are the haphazardly seeming chains of approx. 30 characters. While it is usually possible to analyze the flow of the transactions, it is not possible to connect to the real world identities of users with those addresses.

  1. These transactions are rapid and are operated on a global scale

The transactions are propagated almost instantly in the network and take a couple minutes to get confirmed. As they happen on a global scale and network of computers, they are totally indifferent of your physical address or location. It doesn’t matter to whom you are sending your bitcoins to.

  1. These transactions are totally secured

The bitcoin funds are preserved in a public key cryptography system. The one who owns the private key is only able to send the cryptocurrency. Strong and stable cryptography and the magic of lengthy numbers render it impossible to break or hack this scheme. A bitcoin address is way more secure than the Front Knox.

  1. You don’t need permission to access and use your Bitcoin currency

You don’t have to ask anyone’s permission to use the cryptocurrency. It is merely a software that anyone can download at no cost. After its installation, you can send and receive bitcoins or other cryptocurrencies as well. No one can stop you. There is no gatekeeper involved.

Bitcoin makes the use of public key cryptography and an innovative way for bookkeeping to attain the authorization, prohibition on double spending, balance verification, record inalterability, and delivery of assets. And everything can take place in near real time at absolutely no cost. Cryptography makes sure that everything runs on authorization of the user/owner. All you need is a private key to transact. The key generated is complex enough that no kind of hacker or hardware can crack it. It is simply unhackable.

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