Bitcoin Characteristics

I know by now, we all know the meaning of Bitcoin and its history, and that wouldn't hinder use from knowing it's characteristics as an Addy. 

Decentralization

Bitcoin's first and most important feature is its decentralization. Bitcoin does not have a centralized authority like traditional currencies, which are issued and managed by a centralized authority, which can be the country's government or any other organization. Bitcoin decentralization offers numerous advantages over traditional currency, such as immunity from seizure, taxation, and thievery, among other things. For more information, please see our article "How does bitcoin's decentralization provide an advantage over traditional currencies?"

Transparency

We all know that how much bitcoin a person owns is unknown, but it is visible to everyone on the ledger board how many transactions have been made by which user and who is/are the receiver/receivers of the bitcoins. As a result, its transaction is crystal clear to everyone in the bitcoin ecosystem. And, with a proper analysis of the history on the ledger board, the asset owned by any person can be easily determined if desired. However, there are many things that can be done to avoid this.

Opaqueness

We shouldn't need to tell you this again: the user of bitcoin remains anonymous, and there is no way to track the user down. There is no requirement for any legal documents to aid in the identification of the person. This is also why no government can determine who is behind a specific account. At the same time, when you open an account or make a transaction through the bank, they will request your address, phone number, legal documents, and a detailed history of the date, time, amount, receiver, and every other detail.

Fast

Bitcoin is faster than other banks or any other method of transaction. When money is sent in the form of bitcoin, it takes only a few minutes to travel from one end of the world to the other. Simultaneously, sending the same amount through any other bank or method will take a week or more.

Non-repudiable

This characteristic refers to the fact that once bitcoin is transacted, there is no way to get it back unless the receiver is willing to do so. It means there is no turning back; the receiver cannot claim he never received any bitcoin.

Cryptocurrency

Unlike traditional money, bitcoins do not exist in the form of notes or coins. And in this manner, it is convenient to carry in the phone. It is difficult to be stolen by thieves in the market or at home.

Setup is simple.

Banks typically require extensive documentation and procedures for opening and managing accounts, including dealer records, credit checks, and numerous legal documents for user identification; however, you can create an address in bitcoin in a matter of seconds, without the need for any legal documents; however, you must set a strong password and not forget it, because once that password is gone, it is gone forever. There is no way to get it back.

Demand determines the worth of an item.

Bitcoin does not have a set value or price. It is entirely dependent on demand for its value and price. The cost and value of bitcoin in the market are determined by the members of the bitcoin ecosystem.

Elective commission

It is entirely up to you whether you want to charge a transaction fee or not. The only difference is that if you pay transaction fees, you will be provided with some additional facility, the absence of which will have no effect on non-fee paying users. It's completely optional.

These are some of the features that distinguish bitcoin from traditional currencies.

Aside from these characteristics, bitcoin shares some similarities with money, allowing it to function as currency. Portability, durability, fungibility, recognizability, divisibility, acceptability, uniformity, and limited supply are some of these characteristics.