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Top 7 Characteristics of Bitcoin

JK Dec 07, 2016
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There are several characteristics to bitcoin that set it apart from the normal currencies. We’re going to take a look at seven important features of bitcoin.

bit

Features 1: It’s decentralized

No one owns bitcoin and isn’t controlled by any central authority. Every author that mines processes bitcoin transactions make up a part of the network. That clearly means that the one central authority can’t temper with monetary policy and cause a meltdown and decide to take away bitcoins from those who own them.

Feature 2: It is easy to set up an account

Unlike our usual bank nightmares, this one is really easy and quick. You can set up a new account in seconds with no private questions being asked.

Feature 3: It’s Anonymous

You can own as many accounts as you desire. These accounts don’t require identity-related information, such as names, addresses, and any personal information.

Feature 4: Transparency intact

Bitcoin saves details of every single transaction made in the network in a huge version of a general ledger called the blockchain. The blockchain tells us that if you have bitcoin addressed that are used publicly. No one can know about how many transactions you have made, except you! If you are a bitcoin user/owner, don’t use the same addressed to your new account.

Feature 5: Transaction fees are minuscule

Your bank may charge you from 500 to 1000 rupees to open an account. Bitcoin doesn’t! Check out why you don’t have to spend money for bitcoin transactions

Feature 6: It’s fast

Bitcoins (monies) can be sent everywhere in a minute soon after your network processes the transaction.

Feature 7: It’s non-refundable

When your bitcoins are sent, there’s no getting them back, unless the recipient returns them to you. They’re gone forever.

In our next article, we will show you how can buy and sell bitcoins.

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