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History and Characteristics of Bitcoin.. and MCS...

3 months ago

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Do you know what type of characteristics Bitcoin has?          

Bitcoin is the origination of Cryptocurrencies which was revealed publicly through a whitepaper on October 31, 2008 by a person/organization using an anonymous name called Satoshi Nakamoto. On the 3rd of January 2009, the first ever block of Bitcoin and Blockchain (AKA Genesis Block) was produced and marked the beginning of the Bitcoin we have today. Bitcoin is now considered as an investment asset in various industries as well as existing traditional financial market players. This makes us wonder what the characteristics of Bitcoin is that is catching peoples' attention.

We will explore 4 main characteristics of Bitcoin.

       

   

🌕 Bitcoin is a Decentralized Blockchain Network

   

As many of you already know, Bitcoin is the first ever Cryptocurrency built on the blockchain technology. The term blockchain technology used here refers to a "decentralized server network", a distributed ledger technology that manages transaction data by a consensus algorithm in a distributed system. In other words, not only can everyone share the transaction details and data publicly announced on the distributed ledger, anyone can track all the transactions that are happening on the network. In short, Bitcoin that uses blockchain technology is a vastly distributed public ledger which is permanent and cannot be forged, manipulated nor edited by anyone which adds transparency and trust to the data. 😄

   

   

🌕 Anonymity

   

Today, all financial institutions, including banks, hold large amounts of data about their customers, including their credit history, address, phone number, transfer and payment details. This has the major disadvantage that a financial institution, a centralized group that stores all of the customer's data, can peek into the customer's information at any time. However, Bitcoin has the characteristic of anonymity as it is difficult to track which Bitcoin wallet is associated with which specific individual, so it has no idea who is doing what. 😁

 

   

🌕 Speed

 

Have you ever tried to send money overseas? In order to send money overseas, you need to provide valuable personal information to the bank and verify yourself with the bank. In addition, even if you send an overseas remittance through a bank, the remittance is processed through Swift, the global network of banks, so it takes a long time to complete the remittance, where it may take days or even weeks. However, the Bitcoin network handles payments in near real time, so the speed can process transactions in just a few minutes even when sending money to a friend at the other end of the globe. 😆

 

 

🌕 High Transparency and Neutrality

 

Bitcoin is always neutral and maintains high transparency. Unlike the fiat currency, which is additionally issued according to the central government's decision on quantitative easing, the Bitcoin network is always neutral. In addition, on the blockchain network, any transaction history and transaction-related information can be checked and tracked in real time by anyone, and the BTC protocol is encrypted and has very high transparency that cannot be controlled by any specific individual or group. 🤩

 

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Published 3 months ago