Bitcoin is an innovative payment network and a new kind of money. Find all you need to know and get started with Bitcoin on bitcoin.org.Some of Bitcoin’s Most Intriguing Qualities
Bitcoin Cryptocurrency A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.[1] Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. wiki
- Bitcoin and bitcoin Aren’t the Same
Bitcoin with a capital ‘B’ is used when referring to the network, while the currency is spelt with a small ‘b’.
- There Will Only Ever Be 21 Million bitcoins
we can accurately predict, almost to the exact hour, the date the 21 millionth, and last, bitcoin will enter circulation.
- Bitcoin is Operated by Users, Not Institutions
Bitcoin is run through a peer-to-peer network, meaning that there is no central control, but rather the control is decentralised throughout the user base.
- bitcoins Aren’t Minted; They’re Mined
Unlike traditional currency, bitcoins exist as a result of a production process called mining. People use computers to solve complex mathematical algorithms in order to introduce new bitcoins into the economy.
- bitcoins Are Stored in Digital Wallets, Not Banks
User store their bitcoins safely online
- Bitcoin Transactions are Pseudonymous
The true names of buyers and sellers are never revealed. Though each transaction is recorded in a public ledger (blockchain) only their wallet ID’s will be represented,
- bitcoin is Divisible to 1 Million Bits
One bitcoin can be broken down to 1,000,000 bits. 0,00000001 of a bitcoin is known as a satoshi,
- Bitcoin Network is Virtually ‘Unhackable’
Bitcoin is secured by military-grade cryptography. The only considerable source ever imposing a threat would be quantum computing, which does not yet exist.
- Bitcoin Computes More Than 100,000 Transactions a Day
This number has been growing at an exponential rate and will continue to do so, as more bitcoins become readily available
- There are No Physical bitcoins
This statement may leave you a bit boggled, but it’s true. There is no evidence to the physical existence of bitcoins.
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This article originally appeared on lightrains.com
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