Bitcoin is a cryptocurrency or a digital currency. It is rewarded or earned after solving complex mathematical algorithm executed by the user’s computer, and this is called mining. The maximum amount of mineable bitcoins in the world is 25 every 10 minutes. It started out in 2009 and was established by a group of programmers under the name Satoshi Nakamoto.
Characteristics of Bitcoins
Some major characteristics of the bitcoin cryptocurrency includes:
No third-party involved: There are no need for banks, or PayPal, or cards. This means that you are in total control of your money, also hindering delays or hiccups which might occur during transaction.
Durable: A source of long-lasting investment as it is would not degrade over time. It is also portable as it can be easily carried about.
Not reversible: Transactions are irreversible and there are no refunds when trading. Therefore, it is advised that users be certain before they make that move.
Anonymous: Users can be anonymous and that could be achieved by not using similar names, addresses or any other personal information for your various addresses set up.
Decentralized: The network is not controlled by a central authority. Every device or machine that mines a bitcoin becomes a part of this network. Making it more reliable knowing that policies cannot be single-handedly taken by a group of people who solely regulate or control activities.
Transparent and authentic: In the network, the bitcoin stores details of every transaction done in the network into a blockchain. If your bitcoin address is made public, the amount of bitcoin available can be known.
Low transaction fee: It is cheap to make transactions in the network. For instance, a $100 worth of bitcoins could be charged for less than a dollar. Way cheaper compared to bank transactions which cost more.
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