An anonymous individual invented cryptocurrency on the cusp of the financial crisis, on 31st October in the year 2008. This was the first that the world had ever seen, meaning the world has never seen anything like it before. Bitcoin was deemed a peer to peer electronic cash system which can be used to properly send money or pay for transactions. You should also know that not a lot of people took notice of these advancements in cryptography and even blockchain technology was not noticed. A lot of people did not believe in the feasibility of a world-wide but decentralized system for the transactions.
A very important thing to know is that Bitcoin is a great and amazing decentralized digital currency which can be sent and paid from user to user on a network that is peer to peer. It can be used as a medium of exchange of value without actually needing the intermediaries or even a central authority for regulations. All cryptocurrencies have been known to make use of cryptography in order to verify and also secure transactions. Bitcoin is actually the first-ever cryptocurrency which was designed In order to create an independent and also a decentralized electronic payment system. Here are some key features of cryptocurrency that one should note.
– Cryptocurrency is decentralized and also does not have a central authority. When it comes to traditional currencies, central banks and authorities, they will not have any jurisdiction or power over cryptocurrency. The transactions can be processed and also validated by a network which is open and distributed. All transactions are actually verified by network nodes through cryptography, and it is also recorded in order to make it secure.
– The payments can be completely anonymous. There is no possible way for you to actually get identified if you want your payment to be anonymous and that is one of the best things about it. There is total anonymity, and you will have complete privacy.
– It is irreversible and also immutable. Cryptocurrency transactions have been known to be irreversible. It is actually impossible to modify the transaction because it requires you to alter all the nodes when it comes to blockchain.
– There is also limited supply, and there is scarcity as well.
– What makes it special is that it is very efficient because it has a peer to peer database, which means that there is no need for some central authority to be poking their nose into your business.
– It is amazingly secure. In the history of Bitcoin or any cryptocurrencies, there have been very less break-ins or any issues. The thing is, since it is based digitally, we need to be more vigilant.