Introducing bitcoin and its features
Bitcoinplay.net reveals that there are many factors and features that are propelling Bitcoin’s bullish market rise. Here are the key features that are propelling Bitcoin’s massive growth.
What is bitcoin exactly & how are they made
In order to understand its features, one must first understand what Bitcoin is exactly. Bitcoin is, to put it simply, a commodity, currency and a financial security all rolled into a completely new instrument. Created by Japanese noble peace price nominee Satoshi Nakamoto, a Bitcoin is created as a reward for solving a very complex mathematical equation. These new coins are called “blocks” and a new block is solved every 10 minutes. The number of Bitcoins rewarded for mining halves every four years and after halving 64 times, all 21 million Bitcoins will be in circulation and all mathematical equations will be completed.
No government control or market manipulation
One of the key features that make Bitcoin so popular is its lack of governmental control. No government or single body has control or issues Bitcoin. Unlike conventional currencies that are issued by central banks, or commodity contracts that are issued by large companies, Bitcoin is free of control and manipulations like its conventional cousins. With market and political stability in the modern world a concern for many investors, Bitcoin is a breath of fresh air in a highly controlled and manipulated market sector.
No oversupply to cause inflation
Unlike Fiat currencies that are usually over issued and overvalued, Bitcoin is limited to the mining supply and is thus infallible to devaluation due to oversupply. Currency issued by central banks, in most cases, is printed on the goodwill of their issuing bodies and can be printed at a whim. This can cause a huge devaluation of a currency and inflation to the users of the currency.
Can’t be Forged or Counterfeited
Unlike fiat currencies or commodities, Bitcoin can’t be forged or faked. All transactions of Bitcoin are transparent on the blockchain history and as all blocks must be confirmed within the system, counterfeiting Bitcoin is impossible. Once you own a Bitcoin it can’t be stolen or transferred without your unique password and acknowledgment of that password by the Bitcoin collective. This has made Bitcoin highly sought after, as owners of Bitcoin know exactly what they have and don’t need to worry about quality or legitimacy of their holdings.
Bitcoin is, without doubt, the biggest disruptor of the conventional financial sector ever. With no government or central bank controls or regulations to effect supply or trading patterns, it has the liberty to grow unchecked. Furthermore, with blockchain security and transparency of transaction history, Bitcoin’s key features have propelled it to financial sector stardom.
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Written by Josh Wardini