Satoshi Nakamoto, the inventor of Bitcoin says that it is a peer-to-peer electronic cash system, which can be sent or received on an international peer-to-peer network without requiring the middleman or intermediaries. Thus it can be said as the decentralized digital currency without the central administrator, controlling authority or bank. The Bitcoin is denoted by BTC, and the bitcoin price today is the highest of any type of cryptocurrency in the world. But it is important to note that Bitcoin is not just a type of currency, it is also a payment method that allows the users to send verifiable payments to each other electronically in a secured way even without the presence of central authority. All the bitcoin transactions are stored in a public ledger known as the blockchain which has all the transactions that have ever processed on the bitcoin network.
Bitcoin is often said as the world’s first cryptocurrency and it is also best defined as the digital currency which only exists electronically. To understand the working of Bitcoin, knowing the characteristics of Bitcoin is must.
Special characteristics of Bitcoin:
- Decentralization: The Bitcoin network is decentralized which is run by the dedicated and distributed open-network of computers which spans the entire world and is maintained by the group of coders.
- Limited supply: Unlike the other currencies, only about 21 million Bitcoins can be ever created. The algorithm which runs the cryptocurrency issues a little amount of Bitcoins every hour until the 21 million numbers is reached.
- Micro transactions: The smallest unit of $1 is called a cent likewise the smallest unit of Bitcoin is called as Satoshi which values 0.00000001 BTC. This greatly helps in opening up the opportunities for micro transactions which are not possible with the currencies like dollar.
To know the bitcoin price today and the bitcoin price chart, you can visit the freebitco site to know much detail.