8 facts about Bitcoin that de-intermediary the Banking system
29
0
Reading Time: 1 minute
Blockchain allows for the security management of a shared ledger, where transaction verified and store on a network without governing central authority. Blockchains can come in different configurations, ranging from public, open-source networks to private blockchains that require explicit permission to read or write. Computer science and advanced mathematics (in the form of cryptographic hash functions) are what make blockchain tick, not just enabling transactions but also protecting a blockchain’s integrity and anonymity.
The following link explained detail about cryptocurrency and their limitation. (link)
8 Facts about bitcoin that you should know.
- How it solved the most important problem: TRUST.
- Bitcoin is a peer-to-peer payment network that isn’t backed by any financial institution or government.
- Bitcoins are made via Bitcoin mining, a software process that relies on math problem-solving.
- Bitcoin is free, open-sources and tamper-proof
- Bitcoin is owned by no one. It just relies on its users. Just like the internet.
- No sensitive information in a bitcoin transaction e.g. No credit cards, names, address, etc
- No middlemen or banks are involved in Bitcoin trading.
- Target, Amazon, Tesla, Home Depot and more business accept Bitcoins!
- Bitcoin isn’t paper money. Its an internationally recognized “cyber” money.
(29)
