Bitcoin is a type of digital currency,to be more specific crypto-currency , which is based on cryptographic algorithm. Its generation, verification of transaction everything depends on cryptographic algorithms. Biggest benefit of Bitcoin is that bitcoin transaction between two individuals take place without any third party involvement. It is totally decentralized money. Its transfer, verification and generation everything is dependent on common public. There is public ledger . You can see your transaction in that public ledger. No one deny that he did not receive money. There is no scam in bitcoins if you have the bitcoins in your wallet it is 100% yours.

Here are a few highlights of its benefit:

· Freedom in Payment / Instant Transactions: With Bitcoin, it is very possible to be able to send and get money anywhere in the world at any given time.

· Very Low Fees: Currently there are either no fees, or very low fees within Bitcoin payments. With transactions, users might include fees in order to process the transactions faster. The higher the fee, the more priority it gets within the network and the quicker it gets processed.

· Information is Transparent: With the block chain, all finalized transactions are available for everyone to see, however personal information is hidden. Your public address is what is visible; however, your personal information is not tied to this. Anyone at anytime can verify transactions in the Bitcoin block chain.

· Fraud: Cryptocurrencies are digital and cannot be counterfeited or reversed arbitrarily by the sender.

· Identity Theft: Cryptocurrency use a push mechanism that allows the cryptocurrency holder to send exactly what he or she wants to the merchant or recipient with no further information

· Immediate Settlement: Bitcoin contracts can be designed and enforced to eliminate or add third party approvals, reference external facts, or be completed at a future date or time for a fraction of the expense and time required to complete traditional asset transfers.

Thats all I can say

Thanks for reading.

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