We may hear the benefits of Bitcoin. It is a digital currency that offers many benefits is making transactions including sending, receiving and saving money. However, there are many people who still do not really understand about the process of transaction. This digital currency applies peer to peer system and it needs some stages to finish the transaction process. Anyway, it is safe and there is no complex rule. If you want to know more about it, you should pay attention to this discussion below.
Why Should You Wait for 10 Minutes?
Bitcoin is well kwon with its easy and fast process in transaction including sending and receiving. However, commonly it takes about 10 minutes before your transaction is confirmed. Before it is confirmed, the transaction is not received yet by other people. However, what to keep in mind is that your transaction cannot be cancelled. And every user has the right to decide in what point the transaction should be confirmed.
The Transaction Fee
If you transfer money to someone else, of course you should pay transaction fee. Even more, if you transfer money to another country, the fee will be much higher. However, Bitcoin does not require transaction fee. It means you can transfer money for free. However, it is recommended for you to pay Bitcoin transaction fee based on your desire. For example, you pay 0.0005BTC when you transfer 1,000 BTC. You can pay the fee as low as possible you want.
Can You Receive Bitcoin When Your Computer Is Off?
As we know, Bitcoin is operated through your own computer. The wallet should be installed on your computer. However, what will happen if your computer is off? Can you still receive BTC? You can receive BTC after you start the application of your wallet. So, everyone can send money to you anytime and you will receive it after you start the application. That is why Bitcoin transaction is flexible because it can be made anytime.
The Synchronization of Bitcoin
One of the processes of transaction is synchronization. It may take long because it needs the full connection. It functions to verify all the transactions on the network. You may need to pay attention to it to know your current balance. Anyway, this step can keep your transaction safe. So, you have to pay attention to it more detail. Hopefully this will be a good reference for you to make transactions using Bitcoin.
Description: Bitcoin can be used for transactions safely. It may need 10 minutes to be confirmed. You can also decide the fee by your own. Then, you can receive BTC anytime and it needs to be synchronized to keep it safe.