Bitcoin Technology Review – Could there be Military Technology Implications for Bitcoin?
Research Article submitted by: Sgt Johnathan Carter
Bitcoin Technology tasks are managed collectively by the network. This technology is a peer-to- peer currency. This basically means there is no central authority that either tracks transactions or issues money.
This technology has many benefits to the users. It is therefore important for potential users to master the main features and advantages of using this technology.
Cardinal Features Of Bitcoin Technology
(a) Full automation:
There are many ideas that can be incorporated in this technology to cut operating costs in different companies. The technology can be used in different types of vending machines, from coffee machines to bus ticket booths.
(b) Flexibility and transparency:
Selected balances and transactions can be revealed to only the relevant employees. Although the identity of the individuals behind the payments is private by default, all Bitcoin transactions are usually public and transparent.
(c) Decentralization and resilience:
This technology could provide a reliable platform for securing global and local monetary systems. It is quite hard to attack this network because there is no distinct data center.
This unique software can handle huge amount of money in trade without requiring any security. Bitcoin has therefore created a unique form of payment network with a perfect level of redundancy and resilience. This is also associated with its high level of decentralization.
(d) Integrity and trust:
This is a technology that can be employed by financial institutions to boost integrity and trust. This is a perfect solution to ensure that sub- standard financial institutions cannot manipulate the system to make a profit at the expense of the public and other banks. This is therefore a reliable solution to many trust problems that affect banks and other financial institutions.
(e) Proper management of multi- signature accounts:
The user is required to provide relevant additional credentials if he wishes to receive payments above the threshold. Multiple signatures only allow a transaction to be accepted by the network, only if the relevant person or group of persons agrees to sign the transaction.
(f) Perfect dispute mediation:
This technology utilizes multiple signatures to develop ideal dispute mediation services. This provides an ideal opportunity for third party to approve or reject a transaction. This happens when there is any disagreement between the other parties without having control on their money.
Main Benefits Of Using Bitcoin Technology
(a) Minimal risks for online merchants:
The availability of block chain or public ledger makes it very difficult to con or cheat any one. These transactions are also considered more secure because they cannot be reversed.
(b) Minimal fees:
The transactions of converting Bitcoin into flat currency have lower fees than pay pal or credit cards. The priority and speed of processing a transaction depends on the fees.
(c) Security and easy monitoring:
The safety of your money can be boosted by backing up and encrypting the Bitcoin. The technology also allows users to be in full control of their transactions to help keep the network safe.
(d) Increased freedom in payment:
There is no central authority figure in this network. The users are therefore in full control of their money. The users are also safeguarded against limitations such as having to crossing borders or to reschedule for bank holidays. Bitcoin has therefore become a popular way of sending and getting money anywhere in the world at any given time.
Disadvantages of using Bitcoin Software
(a) Still evolving:
This technology is still at the very initial stages. It still needs numerous features to boost its performance.
(b)Volatility and risks:
Bitcoin price bounces regularly due to current events related to digital currencies. Volatility is attributed to the fact that there is a limited amount of coins and their demand is increasing daily.
(c) Low popularity:
Holistic networking is needed to popularize Bitcoin. People need to be informed about the benefits of using this technology. For now only a few people are aware of Bitcoin and other digital currencies.
In conclusion, Bitcoin Technology will be a perfect remedy for online marketing. The technology is still at the infancy stages. People therefore need to be educated on why this technology is ideal in their lives. The above are the chief benefits and features of this unique technology.