Bit Coin Essay Example | Topics and Well Written Essays - 750 words

Bit Coin - Essay Example Bit Coins can also be sent and received by the users after paying an optional transaction fees by using their mobile device, web application or wallet software of their computers. This payment system is used by businesses as well as customers for carrying out transactions. It is one of the most secure payment systems and therefore it has succeeded to grab the attention of many merchants (The Bitcoin Foundation ). Through Bit Coin it is easy to send and receive payment instantly from any part of the world, without any limitations. Bit Coins give the users the full access to their money. Another advantage of bit coin is that the payment is processed with small or no transaction fees. A transaction fee is optional if the users want their payment confirmation to be processed faster by the network. The merchant processor present in the system guides the merchant in payment transaction. Bit coin transaction is irreversible, secure and does not require the personal and sensitive information of the customers. This protects the users from losses occurred as the result of fraud and also there is no such need for PCI compliance. Bit Coin helps the merchants to expand in a market where credit cards are not available and where the rate of fraud is unacceptably high. Bit Coin system gives the users the full control of a transaction and therefore the merchant may not impose unnoticed or unwanted charges on the customer, the way it happens in other payment systems. Bit coin payments do not require the personal information of the users, which provides the customers protections against identity theft. The Bit Coins users may also protect their money with backup and encryption. Many people are still not aware about the concept of Bit Coin. With every passing day more and more businesses are adopting the Bit Coin payment system but still there is a need for the list to grow more, so that they may benefit from the network affect. The value of Bit Coin circulation and the