Bitcoin is the first cryptocurrency that appeared in 2009. So this innovative platform offers a wallet address known as Bitcoin Address. A bitcoin address is a unique source with an alphanumeric combination. to receive payments in virtual form for cryptocurrencies. Bitcoin often compares with gold in the sense that its offer limit on distribution, production, and supply.
Bitcoin Address
(Photo Credit: Atomic Wallet Service)
A bitcoin address is a unique alphanumeric combination of 34 characters starts with number 1 or 3. It offers the user to receive Bitcoin payments, store them, and send them within peer to peer network to any user.
However, unlike gold, Bitcoin is digital, making it much easier to divide, transfer and store.
Bitcoin is the most popular cryptocurrency, but there are hundreds of others. Some cryptocurrencies, such as Litecoin and Bitcoin Cash, share the basic characteristics of Bitcoin but explore new ways to process transactions, others offer a wider range of functions. For example, To launch applications and create smart contracts Ethereum blockchain technology can use.
Bitcoin has several important features that set it apart from normal fiat currencies.
1. It’s decentralize
None of the central authority controls the bitcoin network. Every machine that mines bitcoin and processes transactions makes up a part of the network and the machines work together. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown – or simply decide to take people’s bitcoins away from them, as the Central European Bank decided to do in Cyprus in early 2013. And if some part of the network goes offline for some reason, the money keeps on flowing.
2. It’s easy to set up
Conventional banks make you jump through hoops simply to open a bank account. Setting up merchant accounts for payment is another Kafkaesque task, beset by bureaucracy. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.
3. It’s anonymous
Well, kind of. Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personally-identifying information. However…
4. It’s completely transparent
…bitcoin stores details of every single transaction that ever happened in the network in a huge version of a general ledger, called the blockchain. The blockchain tells all. If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours. There are measures that people can take to make their activities more opaque on the bitcoin network, though, such as not using the same bitcoin addresses consistently, and not transferring lots of bitcoin to a single address.
5. Transaction fees are minuscule
Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t.
6. It’s fast
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment.
7. It’s non-repudiable
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.
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Check out Video Guide on How to get Bitcoin Wallet Address for Atomic Desktop Wallet
