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4 Key Elements of Bitcoin’s Transaction DNA

Posted 03 August 2017 4 Key Elements of Bitcoin’s Transaction DNA
Written by Adi Young @adiyoung
In this post, I highlight 4 of the key elements which make up the core DNA for Bitcoin's transactional process.

Permission-less

First and foremost, bitcoin is free to use. A gatekeeper (or bank manager) doesn’t exist in the crazy world of cryptocurrencies. All you need is a ‘wallet’ to hold you coins (BTC). You can then buy, sell, spend and exchange as much as you can possible hold - or until your wallet is empty.

Bitcoin is your very own bank – ‘The bank of Me’. You are in control.

Speed is Borderless

Bitcoin is a borderless technology – a currency which has the same value, regardless of country or jurisdiction.

Near instant transactions are committed to the bitcoin network and are confirmed minutes later. 
By contrast, an international payment using fiat currency from the UK to the US takes around 2-5 working days. All days are ‘working days’ on the bitcoin blockchain!

Bitcoin Pseudonymous

Pseudonymous

A bitcoin address is your pseudonym. This is the 26-35 alphanumeric public address to which you receive bitcoins.

While it is possible to follow the flow of a bitcoin transaction, no personal information is stored in theses public addresses – making it difficult (but not impossible) to retrieve the real-world identity of the sender.

Irreversible Transactions

If you send funds to an address and for some reason you want your money back. Bad luck – your coins are gone, forever!

Once a bitcoin transaction has been confirmed by the network, there is no way a transaction can be reversed. Make sure the address you are sending to is 100% correct.

There you have it. A quick tech-free overview of the key elements of transacting with bitcoin.

Written by Adi Young @adiyoung
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