Understanding Bitcoin And Its Features

Finance

When the currency goes digital, it comes to be known as bitcoin. BTC or Bitcoin is the digital form of a currency, which is used and distributed electronically, hence cannot be printed.One of the direct benefits of the bitcoin is that they are free from any sort of control by the government, banks and other intermediaries, hence, they cannot freeze any user transaction or free any bitcoin account and at last, the users have all the freedom dealing in national currencies.

  • Characteristics of Bitcoin

Through the bitcoin network Satoshi Nakamoto, the founder of bitcoin wanted to make available to the people such a mode of transaction which suits their needs:

  • Decentralized

bitcoin network is so designed that an individual user, business, as well every machine which happens to be involved in mining and transaction which is a part of this vast network is free from any governing authority, this also facilitates that if a network goes out the money keeps transacted.

  • Anonymous

The banks know everything about its customers from address to phone numbers, from credit history to current spending habits and users don’t like this sort of personal penetration, and the answer to his is bitcoin which does not require personal identification linkage with the bitcoin wallet.

  • Pace of transaction

With bitcoin, a person is capable of transferring money to the other end of the world within a few minutes while banks can take at least a couple days.

  • Non-Repudiable

whence a customer sends money through bitcoin there is no chance of retrieving the money back unless the person received agrees to return the amount, this assures the sender that the receiver can never scam you that he never got the money.

After creating such an advanced, system for money transactions the founder Satoshi Nakamoto whose identity is yet to be confirmed is definitely is the Bitcoin Superstar.