From inception, big data came into the industry as the Holy Grail, to help organizations use their large sets of data making informed decisions. Big Data has continually facilitated companies in their bid to organize chaotic data. In comes Bitcoin, a monstrous player in the world of currencies. And it seems like there is a lot for Bitcoin to learn and gain from use of Big Data.
Presently, Bitcoin is used as a popular type of online currency that has gained traction really fast. The currency in itself is secure and safe, with no copy or duplicates transactions. Each of the transactions completed with BTC cannot be reversed or traced. Additionally, each of the transaction has a unique and specific code or key that links to it. However, digital traders still find the use of BTC to be challenging and more of a myth.
Additionally there have been rising cases of theft, con and fraud, of Bitcoin, thus making it crucial, to securely store your BTC. Owners of the cryptocurrency need the best Bitcoin wallet that will enhance trading in Bitcoin. There are various reasons why you would need to use a wallet.
Purchases Returns and Policies
As mentioned above, there many types of fraudsters and con artists that have taken an interest in crypto currencies. Similar to every other business, there are many cases where a customer may decide to return a previously purchased product or sometimes receive repeated service for free. In such cases, you will need to have the best Bitcoin wallet from a reputable provider. Wallets from a secure platform where you can be able to request for refunds or have favorable return policies work in your best interests.
With the best Bitcoin wallet, you will be able to effect any transactions. With an escrow from a wallet, you are able to release BTC to a client and make refunds and returns conveniently. However, you will need to have relevant data per training each transaction. This is where Big Data comes in handy. With this software, you are able to analyze specific details and information relating to each activity.
On any given day, there are over 100, 000 transactions that take place. Like it or not, not even a single transaction has identifying information. The block chain can only register the two wallets involved in the exchange. Using Big Data, analysts are able to track Bitcoin movements. That is how the trend charts on block chain are developed.
What make up a Perfect BTC Wallet Provider?
There are many aspects that will make one particular wallet provider favorable over others. However, the bottom line should be your needs. The tools available in the provided wallet should offer functionality to your related activities with your Bitcoins. Using Big Data, wallet hosts are able to create new wallets and introduce better security measures to already existing ones.
Most importantly, Big Data can be used to predict cases whereby BTC will plummet. Thus you will need a provider who is able to provide prompt customer response. If need be, make sure you choose one that offers 24/7 customer services. Whatever the time or day, you need to be sure that you can reach them. There by, limiting chances of fraud and prompt initiating of claims.