Features
- Anonymous payment
- International payments are easy and cheap, sine bitcoins are not subjected to a country or limited by a country’s regulations.
- There are no credit card fees (beneficial for small businesses and start ups)
- People can send bitcoins to each other via apps
The owner stores her or his bitcoins in the cloud storage1 or in a digital wallet, which exists on the user’s computer and is basically a personal virtual bank account. With the digital wallet, the owner can receive, spend and store bitcoins. Unfortunately, storing methods in a cloud on a computer are flawed. If you store your bitcoins in cloud, there is a chance that the server gets hacked and companies steal the clients’ bitcoins. Storing your wallet on a computer amplifies the risk of accidentally deleting it or distraction by viruses.
1 Cloud storage = A storage method such as Dropbox, or emailing bitcoins to yourself on gmail.
Picture resource: https://medium.com/blockchain-review/how-does-the-blockchain-work-for-dummies-explained-simply-9f94d386e093
