It is the common consensus, belief and the perception that gives value to the bitcoin. All the participants in this system have consensus on the following −
- immutability and integrity of the blockchain
- security and validity of the payments
- rules of the system
Bitcoin was the first practical implementation of blockchain technology and is currently the most significant triple entry bookkeeping system globally. In a bitcoin ecosystem, access to entire source code is available to everyone always and any one can review or modify the code. The authenticity of each transaction is secured by digital signatures of the sending parties thus ensuring that all users have complete control over sending bitcoins.
Thus, leaving a little room for fraud, no chargebacks and no identifying information that could be hacked resulting in identity theft.
Here is a list of some of the entities who accept Bitcoins −
- WordPress
- Namecheap
- Microsoft
- Dell Computers
- Archive.org
- Bitpay
- Bitspend.net