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What is bitcoin?

Bitcoin is the latest form of digital money. Every bitcoin is created and controlled by the best suitable digital encryption techniques. This peer to peer money transfer system is completely free from the centralized bank. Open source software play the main role in the overall generation, transfer and verification of bitcoin between two peers. The centralized banking body and the middleman are not involved in the bitcoin.

The Difference between Bitcoins and Normal Currencies

Just like normal currency, bitcoin can be used to make purchase online electronically. For that reason, it can be called conventional Euros, Dollars or even Yen which can also be traded digitally. One of the things that made bitcoin different from normal currencies is produced and managed by superior and appropriate electronic encryption method as opposed to normal currency like dollar, euro and others. Also, while normal money is controlled by central bank bitcoin is completely decentralized, meaning that they are not controlled by any authority or power.

The Developer or Creator of Bitcoin

People that are using bitcoin are completely at ease knowing that their money is not in the hand of anyone or any central bank. Bitcoin is developed by a well known software developer known as Satoshi Nakamoto. It was produced for electronic payment system using mathematical proof. The reason for this was to create a currency that is completely decentralized or free from control of any central bank. Also bitcoin is electronically transferable as fast as possible with little or no transaction fee.

Is Bitcoin Printed? And Who Printed It?

Most people are asking about the company that printed bitcoin but the truth is that it is not physically printed like other normal currency in the shallows of central bank. More so, bitcoin is digitally created by team of people where anyone can easily join. Bitcoin is also a payment network of its own network equally process transaction that is made with digital currency. It is also mined with the use of computer power right in a distributed network. There is specific amount of bitcoin that can be mined or created according to the bitcoin protocol or the rule that made it work.

Some Characteristics of Bitcoin You Need To Know

There are lots of characteristics or features of bitcoin which you need to know as listed out by mybitcoingambling.com. Bitcoin also a peer to peer money transfer which is entirely freely from control of any authority. That is why it is among the decentralized crypto currencies in circulation digitally. Other features of bitcoin you need to know include:

  • easy to create and set up,
  • It 100% transparent as the entire,
  • Transactions are stored in blockchain,
  • It involves miniscule transaction fees,
  • Transaction with bitcoin is fast
  • and it is non-repudiable.

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