The cybercurrency known as Bitcoin has a large number of positive aspects. Bitcoins can be used to purchase virtually any type of product or service as long as the business providing those items has chosen to accept Bitcoin as payment. Bitcoin can be sent easily to exchanges or other principals involved in your transactions, as there is no middle man to go through most of the time. Bitcoin transactions cannot be frozen, held up or disputed for endless amounts of time while people make false accusations and have second thoughts during buyer’s remorse. Bitcoins allow open and transparent commerce to take place on a global scale without the interference of government entities who seek to manipulate and regulate the value of their commerce. Your Bitcoins can be kept relatively secure in your Bitcoin wallet, which can be stored on the hard drive of your physical device or in a web-based cloud format.
Another positive of Bitcoins is that they are recorded in a totally transparent public ledger for the world to see. The process of buying and selling Bitcoins takes place in an open sourced format, so there is total transparency. One of the drawbacks of this innovative feature however, is that it is difficult to maintain anonymity during a transaction. This has caused some confusion with those who understand that Bitcoin can be bought and sold between parties without giving any personal information out. However, these people fail to understand that the address to which the Bitcoins are delivered is public. With the mountains of information available in cyberspace today, it is not difficult for someone who is trying to find out your identity to link that address used for delivery to your personal information somehow. Once that piece falls into place in the puzzle, the idea of anonymity is permanently gone.
Experienced Bitcoin buyers and sellers usually recommend that users change their address for delivery as often as possible to maintain any hope of remaining anonymous. Some experts are suggesting that users change their delivery address after every single transaction that takes place. While this may be prudent, it is rarely done. One of the main attractions to Bitcoin use in the first place is the speed and efficiency with which transactions can take place. If the user has to change their address with each push of a button, the time consumed will quickly outweigh the need or the desire to remain anonymous.