With millions of transactions taking place on the online platform every day, there are a number of payment options that enable merchants to receive payments for goods and services offered. One of these includes the Bitcoin wallet that is based on the fact that the Bitcoin is considered to be an online based currency hence you need a place to store your currency. Thus, through Bitcoin users are able to make instant payments online that are irreversible. This does not involve or even require the use of any of the centralized banking institutions. Moreover, this mode of payment also requires that users trust and verify the parties they would like to pay through other methods as this platform does not offer any dispute resolution mechanism. Most importantly, it is important to understand that Bitcoins are not issued by any government and are thus not subject to the backing of any government rather by controlled by computing powers in the Bitcoin network.
There are a number of reasons why you should create a new Bitcoin wallet at Block Chain that is popularly referred to as My Wallet. To begin with, Block chain bases its operations on the AES encryption that is based on the industry standards and is thus effective in protecting your wallet from potential hackers and thieves. Moreover, My Wallet has also incorporated the Bitcoin security system that offers a number of features that ensure your money’s safety through paper wallets, remote backups and offline transactions among others. Secondly, My Wallet is very easy to use just like the other online payment platforms. Thus, you will be required to log in so that you can access your balances as well as go through your transactions.
Thirdly, the Bitcoin Wallet that Block Chain offers allows you to be in control of your keys. Moreover, you will not be at risk of losing your account or even getting it blocked by the government or other corporations because it is decentralized. The fourth advantage of using My Wallet is the fact that it has too many features that make usability more effective. These include the two factor authentication, no fees charged, payment notifications, live updating interface and secure client side encryption.
The other advantage of My Wallet that for every account created, you do not need to provide any information that is identifiable. Thus, you can be sure that your transactions as well as your account balances will remain confidential. Finally, Bitcoins are accepted form of payment across various parts of the world thus you can be sure to find merchants with whom you can transact with on this platform. Some of the products that you can purchase using Bitcoins range from organic coffee to online poker among others. In summary, Bitcoins present one of the online payment platforms that used in making payments for goods and services sold online. This system is autonomous as it is not governed by the laws of any government but you can be sure of your safety online.