What is so special about Bitcoin?

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2016-06-11 00:00:00:


When the first cryptocurrency called Bitcoin appeared in 2009 , few immediately understood what kind of invention it was. What it is for and how it will function. Who can use it and how. What are the features of Bitcoin.

 

One of the highlights of Bitcoin: the real name of the creator

The true creator of this exclusive digital currency wanted to remain a secret. His name was called Satoshi Nakamoto (programmer and cryptographer from Japan). At the same time, a rumor was launched that in fact another person or a whole group of developers was hiding behind this pseudonym. This information unwittingly leaked out on the air, because a secret is no longer a secret if only two people know about it. There is a certain peculiarity of Bitcoin in this secret.

The latest news, confirming the version that Nakamoto is indeed a fictitious name, is now hotly discussed by members of the Bitcoin community. Australian businessman Craig Wright, who pioneered the emergence of the first cryptocurrency on earth, is in the spotlight. On the Internet, you can find many publications containing many conflicting facts. Judging by one, the identity of Wright and Nakamoto can be assumed. On the other hand, there are many doubts. The Australian showed evidence to his colleague, and practically convinced him. For unknown reasons, he presented less reliable documents to the public. And this caused a flurry of indignation and accusations towards Craig, recognizing him as an impostor.

As a result, Wright himself said that he did not want to finally reveal himself as the creator of Bitcoin, so as not to cause a stir around his name. After all, the Bitcoin cryptocurrency has a number of features that contribute to the interest in its creators.

There is another version proposed by experts. PR technology and its impact should not be underestimated. It is widely used to promote the popularity of stars or a companys brand. A controversial or scandalous situation is artificially created that replicates the name or brand of the company. This approach is quite likely in order to expand the popularity of cryptocurrency. There is enough intrigue in the existing secret of the name, which the people love so much. We talked, argued, at the same time remembered, and then there were more users.

 

Bitcoin is notable for the way crypto coins are reproduced

The digital currency Bitcoin is a phenomenon that, for less than eight years, has proven its worth, justified the meaning of its appearance. What is especially remarkable about the Bitcoin currency is that cryptocoins are obtained as a result of solving mathematical and cryptographic problems (mining) on powerful computer machines. Despite the fact that some call Bitcoins offensive words - a monetary surrogate, they are able to perform all the functions of paper money, plus new ones that are unique to them.

 

Features of Bitcoin in its properties, capabilities and disadvantages

The system of functioning of the Bitcoin cryptocurrency is built on blockchain technology, which provides them with the ability to exist without a superior governing body. Nobody controls this system, this fact belongs to the peculiarities of Bitcoin. The mechanism is launched by a special program through which all transactions connected by blocks pass along one line. The last link in the chain of one block is the first link in the next.

Is it good or bad that no one is in charge of such a serious system? On the one hand, there is no "top" like the traditional financial structures of the management. With the Bitcoin currency, you can feel like a free person, not limited in actions. A Bitcoin account cannot be blocked or closed without the knowledge of the account holder. On the other hand, all responsibility for the safety of cryptocoins on the account falls on its owner.

This means that no one will help if your username or password is lost, and it will be impossible to enter the electronic wallet. It is undesirable to make mistakes when sending money transfers. With all the above points, the digital money from the wallet can be considered lost forever. It is worth noting that this happens solely through the fault of the user, so it is not surprising that he is responsible for this.

 

Deflationary is another feature of Bitcoin

In considering this feature, others, no less striking, follow. First, the Bitcoin currency is not subject to inflation. This confirmation is that additional emissions are excluded here. Only 21 million Bitcoins will be played, and not one more.

Secondly, it follows that its rate will increase, because the amount of Bitcoins, like real gold, is strictly limited. What is remarkable about Bitcoin is that demand will always be higher than supply. This is one of the main prerequisites for the fact that the Bitcoin rate against the dollar will rise.

And finally, an important feature of Bitcoin is the presence of prospects that other types of currencies do not have. This cryptocurrency has shown great potential. Its advantages and distinctive features confirm the assumption that Bitcoins may claim the place of the world currency in the near future.