Analysis of the social benefits of bit coin as currency

Bit coin is safe and at the same time public, which allows that once a number of crypto currencies are sent correctly to an address, they cannot be reverted, besides allowing the parties in a transaction, to see the operation performed in real time. Through Web sites that, in the manner of Block chain explorers, publicly displays the details of it, so using it in shops, stores and with other people is very simple.

Privacy assured

What is Bitcoin in  public and is not subject to the rules that govern the global financial system, which require the identification of users of banking services, due to the KYC “Know Your customer” and AML “Anti cash launder” system, which serve to control and avoid the entry of money from illicit activities, as well as limit financing to terrorism or money laundering.

Bit coin in that sense is anonymous (to a certain extent) and does not require personal information or identification to make transactions, since in them, the personal data of the parties involved are not recorded and it is limited to public storage and display, details that act as unique identifiers for each transaction with Bit coin .

What is bitcoin

This ability of Bit coin, has made governments, governmental and international organizations, bankers and even politicians, show themselves against its adoption, since its greatest advantage, would open the doors to crime, who could from any field such as drug trafficking, It deals with people, terrorism, corruption or any other, moving huge amounts of resources without being blocked by the organizations that pursue them.

It is not regulated by a central bank or national regulation

Bit coin  was designed as a deregulated cryptographic protocol, based on mathematics that, through a global network operating by consensus, allows users to send and receive a 100% digital currency. For Bit coin, there is no need for a central bank, nor an entity or currency that supports or supports it, because the value transfer protocol is designed to eliminate the financial system from the transactional equation. In other words, Bit coin is superior to any fiduciary currency that does require the support of a state or nation to grant it backing.