Probably every person on this planet that has an Internet connection and a working computer has heard of Bitcoin. But not everyone knows what that is. For some, it’s a new way of making transactions and for others, it’s still just a mystery. So, what is it? How can you get it? Is it easy and safe to use? Is it the same as money? These and many more questions are bothering people from all around the world. New things can sometimes be difficult to understand, but there is an answer to everything.
If you want to learn more about this cryptocurrency and its monetary characteristics, keep reading this article. We will try to explain everything to you quick and easy.
What is Bitcoin?
Simply put, Bitcoin is a consensus network that enables a new payment system and completely digital money. It is also the first decentralized peer-to-peer payment network that is powered by its users, and it doesn’t have a central authority or middlemen. For some, it is only cash for the Internet, and for others, it is the most prominent triple entry bookkeeping system in existence.
Bitcoins can be exchanged for other currencies, products or services. You can buy it, or you can get it by mining. When it comes to mining it is a record-keeping service that is done through the use of computer processing power. At the start of this whole era, mining was easier and you didn’t have to have a strong and powerful computer, but nowadays you need to have powerful hardware if you want to mine.
What are Bitcoin Monetary Characteristics?
We can say that Bitcoin has the characteristics of money. That means it has the characteristics of durability, portability, scarcity, divisibility, fungibility, and recognizability. But it differs from money because it doesn’t rely on physical properties or trust in central authorities. Gold or silver are based on physical properties, and fiat currencies have trust in central authorities, but Bitcoin is based on the properties of mathematics. It is trusted by the number of growing users, merchants, and startups.
The value of this cryptocurrency comes only and directly from the people willing to accept them as a form of payment.
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The Best Characteristics of this cryptocurrency
⦁ It is decentralized, which means that it doesn’t depend from any governing authorities
⦁ It is anonymous
⦁ It is transparent
⦁ It is fast to use
⦁ It is non-repudiable
⦁ You have the freedom of transaction
⦁ It has high portability
⦁ You can choose your commission and fee
Is Bitcoin Safe?
Like any other currency, Bitcoin shouldn’t be considered absolutely safe from failures. But it has proven reliable for years now and the future of this currency seems bright. But like with everything things can change. Now the whole market is doing great, and people who have invested in it, or people who use it on a daily basis are very satisfied.