Bitcoin is a virtual currency which provides:
- Instant P2P transactions
- Worldwide payments
- Low/zero cost of transactions processing
A new user is to choose a purse and install it on computer or mobile device. It is opensource software, so anyone can check how it works. Once you set the wallet, it will generate a Bitcoin address.
Bitcoin address is all you need to tell the other person so that he can submit a transfer and vice versa: you can transfer Bitcoins to another person once you have his address. Addresses do not contain any information about their owner, and, in general, are anonymous.
No operation which is carried out with Bitcoins can be canceled.
Only in the event that the recipient himself will return the money, you get it back.
Confirmation of the operation means that the network has established the authenticity of the transaction. For any small amount one confirmation may be fairly reliable. However, for larger amounts (e.g., $1,000 or more) it is most commonly used circuit 6 and confirmations.