Transactions using digital currencies are characterized for their convenience. Without the need to use a credit card or sign and approve other documents, the process can only be done using the digital address. Risks – risks, buying or exchanging cryptocurrencies on online cryptocurrency exchanges. The risk of losing money while trading on Bitcoin online exchanges
The cryptocurrencies can be held through online accounts. A new cryptocurrency account does not contain cryptocurrencies. Each account consists of a private key and an address, which functions as a bank account number. The private key acts as a PIN (secret Persoal Identification Number) and is used to control ownership of the
At present, day-to-day cash transactions are based on a reliable, independent system for maintaining a transaction record. For example, when conducting a bank transaction, the banking system maintains a record and guarantees that the transaction is safe and reliable. Similarly, when Clementine transfers $ 5 to Bulgaria using PayPal, PayPal maintains a central record where
TODAY’S REALITY OF BITCOIN! The world of cryptocurrencies has not stopped since the creation of Bitcoin. Prices have hit highs in early January 2018 and many new cryptocurrencies have been added since then, including Bitcoin, Stellar, LiteCoin, Darkcoin, DogeCoin, NEM, NovaCoin, MoonCoin etc. (see. http://www.cryptocoincharts.info/coins/info ) The cryptocurrency market today hosts over 2500 digital currencies
Although Bitcoin has these advantages, it does not mean that it is independent of threats or risks. For example (BANetBitcoin, 2016): Degree of acceptance: there is still a large part of the world population that is unaware of Bitcoin usage. Although many businesses accept cryptocurrency payments in order to benefit from the aforementioned advantages, their
Bitcoin and its mining are part of the growing role that technology plays in modern societies. In this context, the use of Bitcoin as a trading medium seems to be preferred because (Red, 2016a, Wikipedia, 2017): Provides freedom of payment: it is possible to send or receive any amount of money immediately, anywhere in the
A digital or electronic wallet is a type of electronic card used for trading on a computer or smartphone. Its utility is the same as a credit or debit card and needs to be linked to a person’s bank account in order to make payments. An electronic wallet is a type of prepaid account in