Since its first creation in 2009, Bitcoin has become one of the most formidable cryptocurrencies of all time.
Bitcoin has been heavily analysed and invested in the past few years, often being deemed as the currency of the future. While it was previously used and supported by people with advanced technological skills, it is now being adopted by big corporations and hefty investors as well.
Bitcoin has been followed by the creation of innumerable cryptocurrencies that have had their fair share of up and down.
However, no other cryptocurrency has been able to take up the glamorous position at which Bitcoin sits. If you are wondering why Bitcoin is so unique and what features make it so special, read on!
Bitcoin is Permissionless
The fact that transactions taking place using Bitcoin are absolutely permissionless makes it highly advantageous for developers and traders. Making big or large transactions on Bitcoin does not require any permission; people can simply use it according to their own free will.
This permissionless feature of Bitcoin is how the internet works itself. With technological advancement and great innovation, the internet has become a permissionless platform. Through Bitcoin, people can assume a similar level of innovation that drives permissionless financial payment and transactions.
Bitcoin is decentralised
Before the evolution of Bitcoin, there was no currency that was genuinely decentralised. While all other financial assets are controlled by some agency, the blockchain network which forms the Bitcoin chain is designed to make sure that it remains decentralised at all times. The distribution and balance of Bitcoin is maintained by the algorithm itself, which is further verified through a peer-to-peer network.
In essence, anyone with a stable internet connection and a medium of access can build a personal portfolio And start investing in Bitcoin. The blockchain network, along with the peer-to-peer structure, is what makes Bitcoin a remarkable and unique asset.
The Bitcoin network cannot be externally manipulated
The record of every transaction that takes place using Bitcoin is stored on the blocks of the blockchain network. Once a particular piece of information about a transaction and the blockchain cannot be altered or deleted. This means that no information on the blockchain network can be lost or raised from the internet.
Transactions over Bitcoin are sustained through network nodes and are recorded using the blockchain system. Since the system is extremely reliable and cannot be tampered with, blockchain has become highly trustworthy and reliable. There is no chance of corruption or forgery using this asset which makes it different from others.
Bitcoin offers privacy
While Bitcoin tries to offer its users great privacy and security, this is one aspect of Bitcoin that is truly fallible. Bitcoin can genuinely use some upgradation and its privacy to enhance security in transactions.
Reports suggest that Bitcoin needs to offer more resilient privacy tactics to keep it away from external threats. Without making sure that Bitcoin is truly private, it can severely harm its reputation.
However, there are a number of propositions that are being used in order to improve privacy. Certain applications may be implemented in the future to enhance privacy needs. Not only will they be tested in the real world but they can then be implemented on the blockchain itself.
Not being able to provide utmost privacy decreases how Bitcoin might be used by people in general. If transactions can quickly be tracked, the permissionless feature of Bitcoin becomes pointless
Bitcoin is not politicised
The most important reason that makes Bitcoin an excellent virtual commodity is that it cannot be politicised. Like gold in the real world which is considered a non-political asset, Bitcoin similarly has no political alignment.
This goes back to its decentralised nature, which means no government or Central agency has power over how Bitcoin is managed. Why Fiat currencies are commonly associated with a number of problems like inflation and deflation, Bitcoin can stay away from these problems.
If you have always wanted to include Bitcoin in your portfolio, get started on your Bitcoin adventure today with cryptocurrency.