The idea of cryptocurrency is already clear to you. To recapitulate, it can be said that the cryptocurrency is a form of digital currency through which financial transactions can be processed. And Bitcoin is the most popular digital currency which is currently holding the highest price and least number. Bitcoin has created a buzz around the globe because of its effectiveness. Bitcoin evolution is predicted to change the world’s traditional idea of financial transaction.
You already know that Bitcoin or cryptocurrency as a whole doesn’t require any control from the third parties or any organization. Many people have confusion about this section. If Bitcoin is not controlled by anyone, how is it processed? Here, we will discuss about the controller of Bitcoin.
No matter which app or bank account you have, to make financial transaction, you often face troubles like the server is down or unavailable, or the transaction can’t be processed because of bank holidays and many more. It is very natural to be agitated at that moment but the situation is beyond your control. You can only wait to process your transaction.
Bitcoin, on the other hand incorporates a totally different process as it is not controlled by any centralised organization. No bank or other financial organization can interfere in it. The process is hence seamless and hassle-free. People don’t need to be dependent on the others for the process. The control is completely theirs.
Bitcoin users have wallets to store their Bitcoin which is completely safe. From the wallet they can make the transactions which are secured by ledger technology with cryptographic blocks. The transaction can be made from anywhere in the globe and at any time. For urgent transaction, you may have to pay extra fees to the Bitcoin miners otherwise the charge per transaction is very nominal.