Cryptocurrency is the digital currency; it is a electronic unit that is used for making transactions online Bitcoin in Naira. Cryptocurrency isn’t recognised by any government or any regulatory authority; it is just created and is floating in the market, where the value of the currency increases or decreases based on various factors that exist in the digital world. The first cryptocurrency was launched in the year 2009, and this is known as Bitcoin. Following the attention that bitcoin gained, all the eyeballs focused on creating digital currencies to bring the related benefits to the users. We shall now study some transactional properties of a cryptocurrency to know about how it will revolutionise the possibilities that today technology offers to its users. You can check more about this on https://bitpapa.com/.
- Irreversible– This is the first transactional property of a cryptocurrency, where after you confirm a transaction, it cannot be reversed further. If you are sending money in an account, be it a hacker or a scammer, this cannot be reversed. Hence make yourself sure of what you are doing with these electronic funds, you cannot just make transactions without thinking about it consequences. Stay sure of what you do.
- Fast and global-The transactions of transferring bitcoins are all done on a global network, this network is fast like light, and once you click on confirm the transactions processes without giving you a chance to halt or reverse it. The consumer ID is what gets into action, distance doesn’t matter. The account on which you are transferring funds may be near to you or someone on the extremely opposite corner of the world. This network is too big, and you must be transacting with someone far or near, whom you never know.
- Permission less– Once you decide to buy or sell a cryptocurrency or transact using it, you can just do it through your ID on which you operate using these currencies. You need not seek any permission for the same. It’s a network on which any person can register, you need not have a certain qualification or authorisation to use this currency or transact it. No body can prevent you in making such transaction, as there is no gate keeper in this regard.
- Secure– There is a public key cryptography system in which the cryptocurrency funds are locked. Nobody accept the authorised owner of the currency can have access to the same. Only the owner of the currency can send or receive funds in his account, for which he need not seek anyone’s permission. Its safe and secure to which no random person and check or reach to.
- Pseudonymous– You cannot connect these cryptocurrencies to the real-world entities. These doesn’t exist physically, they cannot be held or felt, these lay just in the network. There are entries made and transactions done, which are all done in the network, you cannot see any real identities making transactions amongst themselves.
So, these are the real transaction properties or a cryptocurrency. You need to understand it deep to make it work out for you.