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Bitcoin is an international electronic system that has unique features and provides users with almost unlimited financial opportunities.
Like any banking structure, Bitcoin has had its ups and downs. Today, the payment system confidently takes the leading position among the world EPS. Many financial analysts claim that the electronic currency bitcoin is more reliable than fiat money (for example, euros or dollars, and even more so rubles).
Work on the development of the service began in 1998. A group of people decided to create a currency that would not be subject to major financial risks. Initially, it seemed like a utopia. However, in 2009, a new server was presented to the users of the World Wide Web - the electronic payment system Bitcoin , the development of which cannot be regulated by the official authorities of any country in the world.
At the initial stage, very few bitcoins were issued - only 50 coins. The cryptocurrency was significantly losing in value: for 1 dollar it was necessary to give more than one and a half thousand bitcoins . At the moment, the situation is exactly the opposite. Bitcoin ratehas grown so much that users have to shell out up to 1 thousand dollars to purchase 1 cryptocurrency coin !
The most widespread bitcoin , as a type of currency, received in the countries of the North American continent. European states are not lagging behind either. The sphere of influence of the Bitcoin payment service is expanding rapidly. Bitcoin is not that popular in Russia . Nevertheless, many of our compatriots use the service, especially when it comes to international payments.
Advantages and disadvantages of EPS Bitcoin
Like any other payment service, Bitcoin has positive and negative sides. It should be noted that the advantages of the payment system are much greater than the disadvantages.
1. The ability to make payments without leaving your home. The payment does not tie users to a specific place and time. The service works around the clock, and access can be obtained from any location on the planet. There are only two conditions: a computer device and an Internet connection.
2. Low cost of transactions. The tariff plans offered by the payment system pleasantly surprise all users. There are also transactions that are free.
3. Confidentiality. All personal and payment information of users is kept in the strictest confidence.
4. Ability to self-manage your account. Bitcoin customers can set up security, amount limits, view transaction history, and control the movement of money. All these measures will protect the Bitcoin wallet from unauthorized entry by scammers and thieves.
Disadvantages of the system
1. Little known . Despite the fact that the entire world community has been using the Bitcoin cryptocurrency system for a long time , in Russia this type of electronic money is still little known. 2. The creators of EPS continue to work on the development of the service. Not all payment options are available to visitors. Electronic purses in the system Bitcoin B To become a user of EPS Bitcoin , you need to log in and receive an electronic wallet. The payment contains 12 e-invoices, each of which has its own characteristics. Wallets are divided into 4 types: mobile, local, hardware and online accounts. 1. Local wallets These are full-fledged electronic accounts. You can work with them only from a stationary computer. All transactions carried out through an e-account are verified and transmitted over secure channels. However, for the security system to work reliably, the work computer must meet certain requirements. The software takes up a lot of memory (over 65 GB) and the internet connection must be high-speed. Rotation of addresses is carried out in local wallets. This makes it harder for the scammers. But the administration of the payment service recommends changing the bitcoin addresses for each payment transaction. The most popular among payment clients is the local electronic account Bitcoin Core . 2. Mobile e-invoices This type of e-invoices does not require software installation on a computer. You can work with such wallets both on a stationary and on a portable device. They are easy to connect and operate and take up very little disk space. The high speed of the programs is also attractive. Along with the positive properties, negative aspects should be noted that lie in the imperfect security system. Some of the data is transferred through third party servers. This means fraudsters can gain access to the personal and billing information of the account holder. 3. Online accounts Online wallets, like mobile ones, also do not require software installation on a computer and do not overload the devices memory. You can work with the wallet from any computer device: PC, tablet or smartphone. 4. Hardware wallets A hardware wallet is a USB device (such as a flash drive) that stores private keys that provide access to an electronic account. Trezor is a typical hardware wallet.
For private clients
Ordinary people use the payment service. They pay for purchases in virtual stores, replenish the balance of cell phones, transfer funds to the accounts of online organizations, perform exchange operations, exchanging cryptocurrency for fiat money.
The system even allows you to make international money transfers! The money will be credited to the recipients account within 10 minutes, and no financial institution will be able to suspend the transaction. At the same time, the cost of an international transfer through the Bitcoin payment system will be significantly lower than the cost of similar procedures carried out in ordinary banks.
Mobile payment transactions
You can work with e-wallets on any type of computer device. Recently, mobile applications installed on laptop computers and smartphones have become very popular. And this is not surprising. Mobile payments are simple, convenient, and secure.
Payment through a mobile electronic wallet is carried out using the scan-and-pay system . The user does not need to carry a plastic card with him in order to pay for purchases. And the funds will always be at hand, because a modern person almost never leaves his mobile phone. You dont need to memorize access codes either.
To pay for your purchase, you need to open the mobile application and find the QR code. The seller scans it with his phone. Payment completed.
Bitcoin works without limits
The Bitcoin payment service is compatible with all types of software. The servers performance is independent of the Internet connection provider or browser the client is using. The system can be accessed from anywhere in the world. The payment works 24 hours a day without breaks and days off.
The Bitcoin system is so efficient that it allows you to make payments with minimal amounts (less than $ 1). This is one of the main features of the payment system that distinguishes Bitcoin from other EPS.
Electronic wallets of the Bitcoin payment system are a guarantee of reliability and security. The information is encrypted with a special program and transmitted over secure channels. However, the site administration recommends its customers to take a number of measures to improve the security system.
The user independently chooses the password to log into the account. Remember that the code must be complex and at least 16 characters long. The password must contain both letters and numbers. You should not use easily recognizable combinations (for example, date of birth, first or last name, address, etc.).
For the security of their account, customers should periodically update their e-wallet software. Outdated versions can have imperfect security systems and become easy targets for scammers.
It is worth using the multi-signature option, with which you can easily prevent unauthorized payment transactions. The point is that the transaction will be completed only after several people have confirmed it.
Multi-signatures are especially in demand among corporate clients, as they prevent rash waste and theft of funds from the companys budget. Multi-signature is available in a multi-user account. This is an electronic wallet, which is accessed by a group of users, united by a common characteristic, for example, work in the same enterprise.
The Bitcoin payment service is not just a platform for transferring funds from one point to another. It is a multifunctional server that provides its customers with a wide range of options and almost unlimited possibilities. The latest technologies and modern services make working with payment systems convenient and efficient.
EPS cooperates with almost all major banks, exchange services and popular electronic payment systems. Holders of e-wallets can make payment transactions even in those countries where EPS is prohibited. This expands the area of international trade.
Transfer of money to the accounts of charitable foundations
Many Bitcoin customers donate to various organizations. You only need to click once to make a payment. The system ensures transparency of such payments. In case of emergencies, donations made in electronic money of the Bitcoin payment system will become an effective means of attracting the attention of the world community.
This payment system uses such a type of financing as crowdfunding . The collected funds are used for the following purposes:
• providing assistance to victims of domestic violence;
• financing charitable projects;
• creation of an original blockchain library ;
• development of the Bitcoin payment platform and so on.
The fundraising scheme is completely transparent. The user declares the amount he wants to transfer in favor of a particular project. The money will be debited from the account only after the implementation of the main goals of the program.
The Bitcoin company provides its clients with dispute resolution services. The service is available to all users of the electronic service. By submitting a petition to the arbitration commission, the client can be sure of a fair resolution of his problems related to intra-system payments.
Automation of financial transactions
Bitcoin is a payment system that allows you to conduct financial transactions in an automatic mode. This saves both time and money. When making regular payments, the user does not need to enter the recipients details every time. It is enough to create a template once, enter the amount, indicate the date of the transaction, and then the system will do everything itself.
Company executives use automatic payments to pay salaries to their employees, thus saving on cash storage, collection and cash transactions.
Bitcoin is a modern, reliable and secure service designed for various categories of users. Both private clients with a small income and legal entities with millions of capital work with the system. The main advantage of the system is the ability to carry out financial transactions for various amounts.
You can withdraw cryptocurrency through exchange offices and banks that cooperate with the electronic payment system Bitcoin .