Bitcoin Corporate Enabling as Payment Method

Bitcoin Enabling as Payment Method

Bitcoin is the world’s first cryptocurrency created by “Satoshi Nakamoto” since 2009; it performs the function of a currency and is used as a means of digital exchange.

Bitcoin, why is it important?

First, let’s say at the outset that monetary exchanges have always existed: gold has replaced barter as the currency for transactions, banknotes have replaced gold as a means of storing value, and cryptocurrencies seem set to replace paper money.

There are many advantages to using cryptocurrencies, such as Decentralisation (or dislocation), Immutability, Anonymity (impossibility of associating a name with a wallet) and Encryption, i.e., the ‘camouflage’ of data.

Decentralisation

Bitcoin uses a decentralised and immutable ledger known as the Blockchain to secure its transactions.

Decentralisation is the deployment (or replication) of cryptocurrency on multiple machines in multiple locations around the globe.

These features ensure continuity and functionality.

Immutability

Transactions in Bitcoin cannot be cancelled, unlike electronic ones; therefore, if a transaction is recorded on the network, it is impossible to change or cancel it.

This means that all operations on the Bitcoin network cannot be tampered with in any way.

This ensures reliability in several respects.

Anonymity

Bitcoin users operate in anonymity; this means that it is not possible to associate a name or surname that indicates the owner of a given wallet in a certain and unique way.

The system does not, in fact, need to know their identity; identification through the address on the digital wallet is sufficient.

Encryption

Cryptography is an essential feature of cryptocurrencies.

It is a set of techniques, methods and algorithms that aim to ‘camouflage’ data to protect it, safeguard it, and make it unintelligible to those who should not read it. It also prevents unauthorised third parties from accessing information or altering it for their own benefit.