Bitcoin really aims to solve the problems which are associated with the use of fiat currencies. By using bitcoin, you can quickly transfer your fund to any person within a few seconds and pay minimal transaction fees for it.
This is all because of the decentralized nature of bitcoins. You need to know that bitcoin is the distributed decentralized ledger on which the financial transactions made through bitcoin are recorded safely.
This public ledger is known as the blockchain technology, and each block on this network signifies the series of trades that have been made through the bitcoins.
Once enough amount of transactions is made, then the block gets complete, and it cannot get altered at any cost. If you want to know that how to do bitcoin trading, then you should access the bitcoin revolution platform for it.
It is decentralized!
One of the most impressive features of bitcoin is that it is a decentralized currency. This means that a single authority or any person cannot have control over it.
You might not be aware that the code of the software of bitcoin is wholly open-sourced, and it is maintained by the unpaid helpers.
The whole system of bitcoin is being run by the open network of computers, which is connected with peer-to-peer networks and spread worldwide. Any person who wants to participate in this network can do it whenever they wish and start their contributions.
It is anonymous!
As you know that all the traditional financial systems are not at all anonymous. While on the other hand, the bitcoin software is the one that doesn’t require you to provide your identity.
The only identity you have of the bitcoin on the blockchain network is the bitcoin wallet address. when you make any transaction of bitcoin; then the receiver will only get to see your bitcoin address.
until you tele anyone about your bitcoin address, no one can guess who is the owner of the bitcoins. Your ability to make all the financial transactions depends on whether you have the required amount of bitcoin in your wallet or not.
It is immutable!
It is essential for you to know that the network of bitcoin and the blockchain network both are entirely immutable. This means that once you authorize the transaction, then it cannot be reversed back in any situation.
The immutable nature of bitcoins helps in making sure that the person to whom you are sending the bitcoin receives all the funds.
Some people think that this can prove to be an issue for e-commerce where the buyers are needed to be protected at any cost. But even with bitcoin, this can be done with the help of escrow accounts.
It is limited!
The one fact that you need to know is that the traditional fiat currencies have limitless supplies because the reserve banks can issue as much amount of money as they want without any issues. But if we talk about bitcoins, then they have a limited supply.
The value of the bitcoin is also determined by the demand and the collection of the cryptocurrency. The value of bitcoin is this much high, which is all because of the limited supply of this cryptocurrency.
Is using bitcoin legal?
As you know that the popularity of bitcoin is rising continuously day by day, and bitcoin is the digital currency that has caught the attention of the government as well as the financial bodies.
In most countries, using bitcoin is entirely legal. But the thing is that because of the anonymous nature of bitcoin, there are so many governments who have placed a ban on the use of bitcoin.
This is because they worry that the thing that bitcoin will lead to a loss in the financial control of the government.
In many of the countries, there are no clear regulations about the usage of bitcoins; this means that they had not imposed a ban on the use of bitcoin, but they discourage the use of the bitcoin by issuing some of the warnings against its use. You need to find out that your country is allowing you to make use of bitcoin or not. So, the legality of bitcoin depends on the country where you live.