Finance

What are the basic characteristics of Bitcoin?

basic characteristics of Bitcoin

Bitcoin offers some important features which make it unique. In this article, we re going to talk about these features. Click here for free bitcoin.

Decentralization

The bitcoin network is not controlled by any authority, every machine that mines bitcoins and validates the transaction is part of the network, and all machines work together. This means that in theory, no bank or state can decide to change the rules and collapse the economy, or more simply nobody can decide to seize bitcoins of someone, like the European Central Bank did it with the euros of the Chrypriots. And if part of the network were taken offline, the currency would continue to exist. Visit this site for free bitcoin.

Easy to set up

Most banks will make you open an account for financial transaction. All with all the paperwork, bureaucracy and time involved. To use bitcoin, you need about 2 minutes, no questions asked, no costs incurred.

It’s completely transparent

The details of each transaction are stored in what is called the “blockchain”. These are  bitcoin archives. Thus, an address can be observed and each movement can be seen by anyone. It’s up to you to decide whether or not you want to link a name to an address.

Transaction fees are tiny

A bank can charge you $ 10 for an international transfer, or for any other financial transaction. A bitcoin transaction will cost  almost nothing and in many cases nothing at all.

It’s fast

You can send money anywhere, anytime and it will arrive within minutes after the bitcoin network has mathematically validated the transaction.

Zehra
Are you in the desire to learn something new? Going through this blog would aid you in learning some new terms regarding your research. Zehra – the fashionista looks for the ways to implement new things day by day. Stay tuned!!!!