RILCOIN NEW CRYPTO-TECHNOLOGY QUICK FACTS ABOUT
BITCOIN BEARING ALL THE CHARACTERISTICS OF GOOD CURRENCY
Characteristics of
Bitcoin
1. Easily Adopted 2. Persistent 3. Divisible 4. Invariable 5. Conveyable 6. Safe & almost impossible to counterfeit 7. Flexible 8. Economic 9. Positive Past Records 10. Decentralized
Easily Adopted Though, Bitcoin is not accepted by everyone possible but people have already started trusting this technology and number of people using it or investing it, is increasing year by year. Some of the websites, brick and mortar stores have already started using it. People are willing to accept it overall.Â
Persistent
of Fortune 500 companies offer alternative medicine as part of their health care compensation packages.
Divisible Bitcoin can be parted into 8 decimal places and it may change according to need. At the current exchange rate of $100, this is a divisibility down to $0.0000001.
Invariable Being decentralized and bearing no acquisition of government, the value of a bitcoin doesn’t depend on government, regulatory issues or market conditions. It depends only on the demand and nothing else. So it is invariable in comparison to fiat currency.Â
Conveyable
As Bitcoin transaction is fully digitized and online, so it is absolutely portable. It is extremely easy to transfer funds to anywhere in the world in some seconds only. Whether be a small amount or a big one, anything can be kept in a flash drive.
FLEXIBLE Due to increasing interest in bitcoins, the number of miners also increasing and in turn providing more flexibility to use them.
Safe & almost impossible to counterfeit Bitcoin cannot be physically identified because it exists digitally. Some software may be used to recognize it in the block chain. But to do it, huge amount of knowledge is required. It is like impossible to counterfeit because of the cryptography codes. No one can hack or interrupt the process in between because of the blockchain technology. That’s why it is extremely safe.
Economic
For now on, it is actually very inexpensive to mine or create bitcoins than their value in the market.
Positive Past Records
Bitcoin is not that old concept as fiat currency. But still, the users that have used it or invested in it, provide positive reviews nonetheless.
Decentralized Bitcoin is fully decentralized without any involvement of central authorities. This enables more security and decreases transaction fee that is being consumed by banks or government bodies. This facility makes money transactions untraceable.
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