Bitcoin is a form of currency existing only in the digital world. The technologies was created by an individual hiding under an identity named Satoshi Nakamoto. To this day, the creator/creators of the program never materialized, maintaining an unknown status.
Bitcoins are not printed like traditional currencies as there are simply no physical representations for the cryptocurrency; it really is produced by users and numerous businesses by way of a process called mining. This is where devoted software solves mathematical problems in exchange for the virtual currency.
A user takes control of it using electronic devices, which also serves as medium to complete dealings with the help of numerous platforms.
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It is also held and secured with the employment of virtual wallets.
Characteristics of Bitcoin
Bitcoin has the characteristics of traditional currencies such as purchasing power, and investment applications using online investing instruments. It works just like conventional cash, only in the sense that it can only can be found in the digital world.
One of its unique attributes that cannot be matched simply by fiat currency is that it is decentralized. The currency does not run within governing body or an institution, which means it cannot be controlled simply by these entities, giving users complete ownership of their bitcoins.
Moreover, transactions occur with the use of Bitcoin addresses, which are not linked to any names, contact information, or any personal information asked for by conventional payment systems.
Every single Bitcoin transaction is stored in a ledger anyone can access, this is called the blockchain. If an user has a publicly utilized address, its information is discussed for everyone to see, without its customer’s information of course.
Accounts are easy to generate, unlike conventional banks that requests for countless information, which may place its users in jeopardy due to the frauds plus schemes surrounding the system.
Furthermore, Bitcoin transactions fees will always be small within number. Apart from near-instant completion of digesting, no fees are known to be significant enough to put a dent on one’s account.