Since Bitcoin evolution in 2008, it has been creating interesting things and gaining a huge number of users every day. Comparing with many other crypto currencies like Ripple, Litecoin, Digicash etc, Bitcoin has the secured algorithm and completely safe. Bitcoin transactions are irreversible and when they are sent to someone it can’t be reversed at any cost due to its property. So, one should be careful while sending money using Bitcoin. Only characters in the blockchain can be seen and the identities are unreal with some other address. The Bitcoin transaction can fail to confirm the transaction which is generally known as stuck Bitcoin transaction. There are many reasons for a Bitcoin transaction being stuck or fail to confirm. However many methods to clear this problem of cloud mining bitcoin are available today.
Advantages of Bitcoin Transactions:
- Bitcoin is simple where one can exchange the money at very low fees.
- As it is controlled by cryptography, your money is safe and no one is allowed to control your money in the wallet.
- cloud mining bitcoin works any time and everywhere as it is decentralized system and makes your translations hassle free.
- Maximum or minimum amount of money can be send through Bitcoin internationally at no extra cost.
- Bitcoin transactions have either very low fee or no fee. Higher fee can be given by paid by the users for faster transactions.
- The translations are transparent but the identity and the personal information is kept hidden.
- Using Bitcoin blockchain, everyone can check the transaction history easily.
- Bitcoin cannot be manipulated by any individual or even governments.
- Due to the fast transcations, within minutes the money can be transferred worldwide.
- Bitcoin helps the business people to set multi signatures for the group transaction.
- There is no third party intervention in Bitcoin which helps to control fraud.
- Stuck Bitcoin transaction can be made fast with adding more fee in the wallet.
The stuck or unconfirmed transactions can be easy if some general tricks are followed. One can increase the fee for faster translations and can switch the wallets for avoiding the fee. For stuck translations one can use OPT-IN-REPLACE –BY-FEE and the CHILD PAYS FOR PARENT which are supported by the wallet and makes the transactions faster.
There is even darker side of Bitcoins where it is complex to understand for general people. The value of Bitcoin may decrease in future due to the less knowledge of digital currencies. The translations are irreversible, where more attention of the users is required. As Bitcoin is new currency, people are getting aware to it these days and may increase the transactions on Bitcoin soon.