The savings then can be passed to the end consumers making goods and services more affordable.Д«itcoin system represents a potential future of low-cost remittances.

Since it is not necessary to use an intermediary and transactions can be done directly, the businesses can avoid the charges of the credit card providers. It is significantly cheaper and quicker than any traditional payment system. The most obvious advantage of using Bitcoins is low transaction costs. When the last bit of Bitcoin is found the users who contribute their processing power will be rewarded through transaction fees. As more processing power is dedicated to mining, the difficulty of mining will increase ensuring that the coins are mined at a predictable and limited rate. They also provide their computer power needed for the systemвЂ™s operation. Only users who maintain the block chain are allowed to mine the Bitcoins. Bitcoin system solves the double-spending problem by distributing the ledger among all its users through a peer-to-peer network.

The same file could be sent as a payment over and over again.Д®very transaction in Bitcoins is registered in a public ledger which is called the block chain. In absence of this third party virtual money could be spent twice: digital money are represented by a computer file and simple transfer does not remove it from the transferorвЂ™s computer system. Before invention of Bitcoin, the online transactions always required a third-party intermediary which kept the ledger of transactions (PayPal, Visa, others).

Transferring norton to a new computer