Analysis of blockchain application——the advantage of digital currency - DotWallet

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Analysis of blockchain application——the advantage of digital currency
2019.10.30

 

The 18th blockchain development status and trend of the Political Bureau of the CPC Central Committee collectively learned, and conveyed good news about the discovery of blockchain technology. Bitcoin and other digital currencies have also been affected by this good news. Digital currency such as Bitcoin is the underlying application of the blockchain. What advantages does it have?

 

First of all, digital currency such as Bitcoin can bring freedom of payment, and can instantly pay and receive any amount of funds whenever and wherever. No bank holidays, no borders, no restrictions. Bitcoin allows its users to have full control over their funds.

 

Second, for merchants, digital currency trading can reduce the risk of merchants. Once a digital currency transaction is completed, the Bitcoin transaction is secure, irrevocable, and does not contain sensitive or personal information from the customer. This avoids losses to merchants due to fraud or fraudulent returns, and merchants can easily expand into new markets where credit cards are unusable or where fraud rates are unacceptably high. The end result is lower costs, a larger market, and less administrative costs.

 

Once again, Bitcoin users have complete control over their transactions; it is not possible for merchants to charge fees that may or may not be found in other payment methods. Paying in Bitcoin eliminates the need to bind personal information to the transaction, which provides great protection against identity theft. Bitcoin users can also protect their funds through backup and encryption.

 

Finally, digital currency provides transparency and neutrality - all information about the bitcoin funding supply itself is stored in the blockchain and can be verified and used by anyone in real time. No individual or organization can control or manipulate the Bitcoin protocol because it is password protected. This makes the Bitcoin core believed to be completely neutral, transparent and predictable.