Blog

What is Bitcoin and Characteristic features of Bitcoin

Bitcoin is a new currency that was created in 2009 by  Satoshi Nakamoto.  Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars, they are produced by people.
What makes Bitcoin  different from normal currencies?
Bitcoin can be used to buy things electronically. Bitcoin’s most important  feature is that it is decentralized. No single institution controls the bitcoin network. 

What are its features?
Bitcoin has several important features that set it apart from government-backed currencies.

1) It's dispersed
The bitcoin network isn’t controlled by one central authority. Every machine that mines bitcoin and processes transactions makes up a part of the network, and the machines work together. 

2) It's easy to create 
Conventional banks make you jump through hoops simply to open a bank account. However, you can set up a bitcoin address in seconds, no questions asked, and with no fees payable.

3) It’s are irretrievable
When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They have gone forever. 

4) It's completely transparent
If you have a publicly used bitcoin address, anyone can tell how many bitcoins are stored at that address. They just don’t know that it’s yours.

5) It’s fast
You can send money anywhere and it will arrive minutes later, as soon as the bitcoin network processes the payment. 

6) Transaction fees are minimum
Your bank may charge you a £10 fee for international transfers. Bitcoin doesn’t.

7) It's innominate                                                                                                        
 Users can hold multiple bitcoin addresses, and they aren’t linked to names, addresses, or other personal  information. 

We hope this information would  be useful for our readers and followers. 
Best Regards, 
Webmozart Team!