Bitcoins have made a revolution in the digital currency world. Many people are now transacting online using bitcoins. Setting up a bitcoins account is easy and does not take up your time. The system is secure as all the transactions are recorded in a public ledger known as the block chain. The ledger is maintained by a network of nodes. This system was invented by Satoshi Nakamoto in 2009 and has grown into what it is today
.This system has software that prevents cases of double spending. Every time an account holder spends a bitcoin, this information is recorded. Unlike other mainstream payment services, there is no central system to oversee the operations of the bitcoin currency. This was one of the intentions of the developers: to develop a form of currency without a central body to overlook its operations.
This mode of currency is attractive to many people as it does not limit how a person operates their account. The freedom in the bitcoins market attracted criminals who got involved in money laundering cases and money laundering. There also those who used it as a forum where they could evade taxation. This attracted the authorities and called for a need to regulate this sector.
For the merchants, operating using bitcoins is better that using the mainstream payment services. The fee used for transacting using bitcoins is cheaper than using other modes of payments. The transaction fee is catered for by the buyer and not the vendor. This means that when a merchant transacts using this mode, they save some amount of money.
Many people have come up with very creative innovations like the Satoshi Slot that was influenced by the bitcoin software. It has changed the way people transact in all sectors including in the international market. If you want to open an account, there are no charges that you are required to give unlike opening an account with a bank. The process is easy and fast.
When the developers came up with this mode of digital currency, in mind they had the idea of a system that would operate online without a central body to regulate operations. They also focused on a model that would save money for people.