If the transaction is in the current currency, the sender will be identified. This is to clarify the purpose of the transaction, as current currency transactions must comply with anti-money laundering and other regulations. However, Bitcoin user transactions are theoretically semi-anonymous. Because there is no central centre for verifying transactions in Bitcoin transactions, you do not need to verify the identity when sending Bitcoin or if you buy Bitcoin with credit card. When you apply for a Bitcoin transaction, your computer system can check all the transactions that have taken place so far, ascertaining to the sender the amount of Bitcoin required, and at the same time, authorizing the transfer. The system does not need to identify who the sender is.
However, in reality, Bitcoin users have their addresses on their wallets, so they do track some Bitcoin transactions. Also, government enforcement agencies are developing ways to identify individuals as needed.
Also, by law, most transactions require the customer to verify their identity before buying or selling with Bitcoin. This facilitates another way to track Bitcoin usage. Currently, the Bitcoin network is open to the public, which allows you to check the progress of all transactions. This prevents Bitcoin from being treated by crime, terrorism and money laundering.
Unlike the current electronic currency, Bitcoin transactions are irreversible. Because there is no management centre like a bank that issues an OK to refund the transaction with Bitcoin.
While listening to this may make some people feel a bit uneasy about Bitcoin transactions, this means that transactions conducted by Bitcoin’s network cannot be tampered with forever without exception. It means.
Bitcoin unit division
The minimum unit of Bitcoin is called one Satoshi. At today’s rates, one-tenth of a cent is one hundred millionth Satoshi 0.00000001satoshi. In this way, Bitcoin enables transactions in micro-units, which is impossible with conventional electronic money. Please see this page for the currency units of Bitcoin, Ripple, Ethereum and Litecoin. Also, there is a Bitcoin calculator for coin choice, so it is convenient to use this as well. For bitcoin trading visit market-master login
Purpose of using Bitcoin
Bitcoin was initially created as an alternative currency that uses direct transactions between individuals. This is an idea decentralized that is the opposite of the current central management system centralized management of significant banks. Decentralized management has the characteristics that transaction costs can be reduced, and processing can be performed quickly because transactions can be performed directly without the need for centralized management. It’s not very important to the general owner. Still, the transaction under this management system is irreversible, so you don’t have to worry about it being refunded, so it is beneficial for those who do commercial activities. It is considered to be
However, with the improved domestic payment methods and the rapid development of new forms of international currency transactions that does not require encryption, the benefits of owning Bitcoin for remittance are diminishing. In particular, considering the increase in network costs from around last year and the frequent drop-in computer processing in recent years, it can be seen clearly from the movement of the market.
Furthermore, due to the prevention of money laundering and money laundering, and the strengthening of illegal trade regulations, there are currently severe restrictions on the private use of virtual currencies, and it seems that they will be further strengthened in the future.
In some parts of the world other than developed countries, Bitcoin has been highly evaluated as an efficient and low-cost international transaction and is still widely used as a remittance method. In some respects, the advantages of Bitcoin, which is cheap and can be transferred quickly, are gradually diminishing as conventional transfer methods are improved, and network costs are increased. And the issue of asset liquidity remains unresolved in many countries. The regulations of each country will be improved in the future.
Also, according to the report, both large and small retailers acknowledge the usefulness of paying in virtual currency as a means. Still, the current situation is that the demand for that function is not so high. Also, most individual property owners store some of them as Bitcoin so that they can hold them with peace of mind.