In contrast to printed paper money and coins made of metal, Bitcoin is a kind of electronic cash that exists on the World Wide Web in electronic form and is produced by a great number of Internet users all over the world. They use special software and the computational power of their equipment for creating and processing this digital currency also called cryptocurrency. Bitcoin is the first successful example of the decentralized currency of this type; meaning it doesn’t have a regulatory body. It holds key positions in the fast-evolving digital money movement and remains the focus of media attention.
Before starting to use Bitcoins, you need to provide a place for holding the electronic cash. For this purpose, you need to choose from various digital wallets optimized for using bitcoins. There are several convenient and easy to use online wallets.
While traditional types of transfers often suffer from delays and aren’t protected from human error, the Bitcoin network allows fast and automated processing of payments that never make you wait for a transfer. The transfers from Australia to Canada take no more than 10 minutes and if you choose ‘zero confirmations’, the money transfer is carried out instantaneously. Neither a bank, with its slow-going processes nor the all-too-common human factor can prevent you from making a payment as fast as possible.
It is unlikely that you enjoy paying a fee for money transfers even when it is relatively low. One of the main distinctive features of the Bitcoin system is zero-fee transactions. You can pay a fee voluntarily with the aim of speeding up the processing time. Even in this case, it is much lower compared to that of wire transfers or other online payment systems.
Since every bank has an owner, you and your funds become dependent on someone else’s interests; though you may not suffer from this dependence until the time comes. Bitcoin is a free system based on open-source software maintained by a community of independent developers all around the world.