Technology is progressing by leaps and bounds. It is introducing new conditions and systems for business and communications on a daily basis. Internet has made a substantial contribution in this advancement; especially when it comes to the field of business. Online investing or online currency trade has attracted many traders. One of the typical forms on online trading will be Bitcoin Exchange.
What is Bitcoin?
Bitcoin exchange is a new system of cash for the internet that works on the concept of electronic currency. It initializes the peer to peer payment system for individuals getting no central authority. A new idea of crypto currency is used that was initially introduced in 1998. Cryptography controls the creation and transactions associated with digital money. Bitcoin works through a software system and does not have any main controlling authority so it is equally maintained and controlled by its users around the world.
Working of Bitcoin Exchange
You can work with Bitcoin exchange just like functions with any other kind of currency exchange. Exactly like working with banks, it is easy to make transactions through Bitcoin Exchange. Analogous in order to physical trade, the user has to pay to purchase Bitcoins.
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The difference is that the person has to open an account with some Bitcoin Exchanger. The paid asset from the user will be available in the form associated with digital currency that can be used to purchase any kind of product. Bitcoins can be exchanged to bitcoin holders too. This system functions similar to the money exchanges in the banking institutions.
Almost in all transaction systems, the payments can be turned after making a transaction through PayPal or credit cards. But with Bitcoin, the situation is changed, as after making a transaction, one cannot get it back or reverse it. So be cautious while exchanging your bitcoins along with currency mediums because you may encounter chargeback issues. It is preferable to make exchanges with other bitcoin holders near to you.
Benefits of Bitcoin Exchange
Bitcoin currency exchange is quite new. It’s a sort of software base payment system to make transactions digitally. Here is how it can benefit you:
· Make transactions quicker than other systems
· Always accessibility for transactions
· Make transactions from anywhere in the world
· Make safer transactions
· Perform transactions with out interference of any third party
· Monitor all transactions from home PC or from Smartphone
· Buy any kind of asset using bitcoin
Drawbacks of Bitcoin
Bitcoin exchange is an innovation in economical systems of the world. When practically used, some drawbacks come forward too. A number of them are as follows:
Ø Acceptance in market
The number of bitcoin users is growing but still it is not a widely used currency or exchange system. Its degree of acceptance in financial matters is still low.
As Bitcoin is just not commonly used, it is not a stable currency. However , there is a hope that this instability will certainly reduce as the user list and amount of bitcoins in the market become more easily used.
Ø Partial development
A large problem is that the Bitcoin software is still in its beta phase and there are a number of imperfect features, which still need to be fixed. New modules are usually under process of development to make bitcoin exchange safer for all.