INDEX
- The global reach of Bitcoin
- No one can arbitrarily issue bitcoins
- Bitcoin mining does not allow monopolies
- Bitcoin allows you to control your own funds
- Conclusion
Bitcoin, the first Cryptocurrency, has been in operation as a decentralized virtual money system since 2009.
Thanks to its technology called “blockchain”, and its consensus mechanism, “Proof Of Work” (POW) mining, the Bitcoin Peer-to-Peer network offers its users a means of payment independent of governments and corporations.
In this article we highlight some of the virtues for which Bitcoin is important today, and for which it will be key to the finances of the future.
The global reach of Bitcoin
Unlike banks, traditional international transfer systems and payment processing companies,The decentralized network of Bitcoin (BTC) has no inherent limitations to the borders of States.
Anyone with internet access can send bitcoins to and from any part of the world, without applying for a license and without increasing the transaction fee due to their destination or the amount of money mobilized.
No one can arbitrarily issue bitcoins
These rules are accepted and audited directly by Bitcoin Peer-to-Peer network participants, and are enforced through an activity known as mining.
The Bitcoin protocol establishes that no more than 21 million bitcoins can be issued and establishes a maximum number of bitcoins that can be created by mining each block. This guarantees that the mintage of bitcoins is decreasing thanks to the Halving and deflationary in the long run.
Bitcoin mining does not allow monopolies
Unlike state money, Bitcoin (BTC) does not have a central issuer.
Bitcoins are created through a dynamic mining process that rewards “miners” who provide security to the network with new monetary units, and whose participants are not fixed agents or obtain special privileges regardless of the amount of bitcoins they own or the companies with which they are related.
The only way to earn bitcoins is to compete by investing energy for the benefit of the network, and that makes Bitcoin resistant to the formation of monopolies.
Bitcoin allows you to control your own funds
For the use of Bitcoin (BTC), resorting to third parties such as exchanges and payment processors is totally optional. Bitcoin allows you to store your funds in personal wallets. What are the applications with which you can send, receive and store your BTC without giving up custody to a financial institution.
This makes Bitcoin (BTC) resistant to financial censorship, since no one can freeze the bitcoins you have stored in your wallet.
Despite this feature, in the Cryptocurrency ecosystem you also have many trading platforms such as exchanges and person-to-person markets that offer you their services to improve your user experience, making it easier to exchange Crypto assets for other Crypto assets within them, and even local currencies.
Conclusion
Bitcoin is still one of the most powerful Cryptocurrencies on the market today. Despite the fluctuations, it is one of the most valued, which is why it remains at the top of the most quoted and traded.
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