Today, virtual currencies and their transactions play a vital role in our day-to-day life. Every growing business model is transforming from real currency to virtual currency exchange. In order to cope with the changing trend, it is essential for every individual to adapt and embrace the current digital system. For those who are unaware of what Bitcoin is all about, here we list down ten must-know interesting facts about Bitcoin.
- Bitcoin is the first decentralized digital currency system. It has no central authority and everything is anonymous. Even the creator him or herself, Satoshi Nakamoto is a fake-name entity who developed this virtual monetary exchange system.
The digital currency – Bitcoin can be generated using a free application known as a Bitcoin Client.
- It is an open-source software. It contains no ownership thus, the most popular client is maintained by a community of open-sourced developers.
- Bitcoins are transacted easily via the Internet, without interference from third parties. Transactions made are irreversible by design, fast, funds. They are applicable for spending within minutes. The cost incurred during this process is less compared to other payment networks.
- It is being said that Bitcoin is the cheapest payment method at present because its network is free. It need only a few extra money to faster the transaction process.
It can be used in every country, as such your account cannot be frozen and there are no authoritarian limits.
- Bitcoin verifies transactions with the same state-of-the-art encryption used in military and government applications.
- The digital currency Bitcoin accouterments a peer-to-peer (P2P) architecture. It is not easy for companies or governments to forcibly shut it down.
- For Bitcoin, the quantity or amount supplied is limited in a different way compared to a physical, nationalized currency. The procedure to increase currency is definite and cannot be altered.
- For transactions to take place, key pairs are used for trust between traders. Similar to physical currency, Bitcoin currency can be stolen or lost if the user is careless (i.e they fail to encrypt/backup their wallet). The value in a wallet can be transferred to a newer wallet, in order to keep current in regard to security.
Thus, the above stated facts briefs an outline to Bitcoin. For every digital currency user, Bitcoin is considered one of the cheapest and safest mode of monetary exchange. For further details and clarification one can go through the official Bitcoin site for better understanding
Sam is a gaming researcher at MMOBUX. His areas of expertise include virtual economy, bitcoin, and another gaming related stuffs.