Bitcoins are exchanged from person to person. However, it is not true that Bitcoins have no middlemen. Middlemen exist, but they are always changing and have no way to identify you or block a transaction.
It is possible to create Bitcoin addresses
with one click on a computer where you have installed the Bitcoin software. When you want to pay someone
, you only need to ask this person to give you one of his Bitcoin addresses. You can then send your payment to this address.
Validation time for a transation
When a transaction is issued with Bitcoin, it must then be validated by the Bitcoin network. The receiver is instantly notified of the amount he received. However he or she can not spend the money before the transaction is validated by the network
, a process requiring around 10 minutes.
Bitcoin does not require a working Internet connection to receive payments. It is only necessary to be connected to the network to make a payment
. If you make a payment to some people who are not connected, they will be informed that they received your payment the next time they open their computer or smartphone.
Bitcoins are divisible
Another amazing feature of Bitcoins, they are divisible. This means it is possible to send BTC 0.004 to a person, something you can't do with normal money. This feature can make Bitcoin withstand a large scale economy with only 21 million outstanding BTC.
So far, the vast majority of Bitcoin transactions are free because operating costs are covered by money creation. When a transaction generates additional work, the software may require a transaction fee between 0.0001 and 0.0005 BTC BTC. A window then appears offering the choice between paying the fee or cancel your transaction.