With the dawn of the technological revolution, we started getting digital and as of now a significant number of monetary transactions happen over the internet and it changed the way we used money. We needed to be able to transfer large amounts of money over great distances instantly. With growing demand, money evolved from paper to electronic currency.
What is a Bitcoin?
In 2009, an anonymous person created, what was considered an invention as revolutionary as the internet, “Bitcoins”. It is the first decentralised digital currency and is in the form of digital coins you can send through internet. It is a technology which fundamentally influences the way that our economy, governance systems and businesses function, and change our conceptual understanding of trade, ownership and trust. Here are just a few few feature which make Bit coin so valuable
● Security: In the Blockchain, all transactions are logged including information on the date, time, participants and amount of every single transaction. Mathematical principles ensure that these nodes automatically and continuously agree about the current state of the ledger, making it impossible to tamper. It also avoids the risk of losing your privacy details over the internet.
● Universality: There is also the issue of global exchange. The currency we have is nationalistic making it hard to send transactions overseas with staggeringly high taxes to be paid for every transaction across the borders. Considering the increasing number of overseas transactions, there is scope to move towards a more universal currency. Since Bitcoin is transacted without a specific overseeing third party, this problem doesn’t even come under the picture. Bitcoin has a strong universal characteristic.
Bitcoin: More than just money
Users decide for themselves what a unit of bitcoin represents. A bitcoin is divisible into many individually identifiable and programmable units. This means that users can assign properties to each unit. Users can program a unit to represent a euro cent, company share, barrels of oil, or election votes.
A company can control its spending by programming budgets for salaries, machinery, materials, and maintenance so that the respective money is specified and cannot be spent on other things. Atomizing such matters leads to a considerable decrease in bureaucracy, which saves accountants, controllers, and the organisation in general an incredible amount of time. The programmable, open character of Bitcoin allows us to completely rebuild and innovate our financial sector and our administrative processes. Make them more efficient and transparent and significantly decrease bureaucracy.
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