Cryptocurrency could be overwhelming at the beginning but give yourself the time to understand it more and you’ll realize its as simple as having your own money in your wallet but is only more secure.

When it comes to cryptocurrency transactions, there are still many people who question its credibility and safety while others are not sure how to use it.

There are two properties we should be looking into when it comes to cryptocurrency – the transactional and monetary properties. But for this article, we will look into transactional first and we’ll dive into the monetary properties next week.

So, what are its transactional properties?

Irreversible

After verification, nobody can reverse the transaction and by nobody means, not even you or the president of the United States. If you send money or trade, then you do. But if by mistake you sent to a scammer, then your scammed! There is no safety net.

Anonymous

Neither transactions nor accounts are attached to real-world identities. You get Bitcoins on so-called ‘addresses’, which are randomly seeming series of around 30 characters. While it is normally possible to probe the transaction flow, it is not fundamentally possible to attach the real-world identity of users with those addresses.

Express

Transactions are delivered almost instantly in the network and are verified in just a couple of minutes. Because they happen in a global interface of computers they are totally indifferent to your physical address.

Protected

Cryptocurrency funds are secured in a public key cryptography system. Only the keeper of the private key can transfer cryptocurrency. No one can break this scheme.

Independent

You are free to use cryptocurrency. No need to ask permission from some kind of gatekeeper. It’s simply a software that you can download where you can start buying, sending and or trading crypto. No one can stop you.

There you have it – the transactional properties of cryptocurrency. Next week, we will talk about the other property which is the monetary properties.

Are you using cryptocurrency? What do you love about doing transactions using cryptocurrency?