Each system user has a possibility of generating unlimited keys. Create a new key pair does not require a permanent Internet connection and is fully autonomous. All the created keys are stored in special encrypted file in the wallet of the client and they are needed to confirm the transaction. If desired, the keys of the computer can be moved to any other host.
High level of system’sanonymity is achieved due to the limited access to information. In conventional systems, about deals you know only the parties who sign it and the bank. Bitcoin demonstrates full disclosure of transactions, transaction data available to any user, however, there is no personification of the owners of transactional addresses. Some financial analysts believe that bitcoin addresses act as aliases to the system participants. And if you're able to associate the address with a specific person, the anonymity of the transaction disappears.
Transferring bitcoins to anyone whose bitcoin address or public key you know. The minimum transmitted value is called "Satoshi" and is 10-8 from the usual currency. The transfer currency must be accompanied with creation of new transaction that includes the hash of the previous transaction. The operation supports any number of links from old transactions and any number of recipients. Specified in transaction amount will just be divided between the parties in the transaction. There is no official fee for transferring of bitcoins but you can install it yourself, putting the amount get a few more.
Before we talk about what systems work with bitcoin, you need to understand what is a cryptocurrency and how it works. In fact, bitcoin is suitable for making all financial transactions: investments, payment services, open savings accounts and trade on the exchange. This implies that bitcoin can use any of the sellers.
One of the largest companies working with bitcoin and allowing to accept them from different sellers, is Bitpay. It acts as an intermediary between regular users and sellers of various goods and services. Many large companies formalize their customer transactions in bitcoins through this system. Another service, which not so long ago decided to support bitcoin is PayPal. The system allowed merchants to accept bitcoin through PayPal Payments Hub.
These systems are mostly working in the U.S. and other countries. In Russia and the CIS countries, the situation with reception and exchange of bitcoins is somewhat different.
Among the major representatives of the domestic e-Commerce, which work with bitcoin for quite a long time, is Webmoney. Customers of this system at any time can create WMX-wallet and transfer Bitcoin and exchange them to other title units. A bitcoin wallet can be used to pay for various services and also for withdrawal.
In addition, different sites of intermediaries conduct the exchange of bitcoins for rubles and other currencies. As for online shops and sellers of various services, they prefer to work with traditional currency, skeptical referring to bitcoin.