Why Bitcoin is a single currency | The Guardian Nigeria News

Perhaps you have heard people describe Bitcoin as a single currency and wondered why. Here’s what makes Bitcoin cash special.

Bitcoin is an abstract or virtual currency that Satoshi Nakamoto created and introduced in 2008. This mysterious entity predetermined the production rate of Bitcoin to make it scarce money. Bitcoin’s foundation of value is the trust users have in it and its protection by its underlying technology.

Bitcoin secures and authenticates transactions using cryptography. Today, individuals and institutions use Bitcoin as a digital currency. Initially, some people associated Bitcoin with illegal activities and fostering criminal activities. Bitcoin does not have a central issuing authority like a central bank.

Furthermore, decentralization and the lack of a central regulatory authority increase the risk of using Bitcoin. However, Bitcoin has significant economic benefits over conventional currencies. For example, people and companies trade Bitcoin on platforms like https://immediate-edge.co/. Here, anyone can register, top up their account with fiat money and buy Bitcoins. Eventually, they can sell their digital currencies at a higher price to make a profit.

Overall, people can use Bitcoin to pay for services and products. Several online and local merchants and businesses accept Bitcoin payments. But Bitcoin is different from other currencies. See why Bitcoin is a single currency.

Bitcoin is digital
The internet has created a digital world where individuals and organizations can do many things. For example, people exchange information and ideas in the digital space, regardless of their location. Bitcoin has taken this freedom even further, allowing individuals and companies to trade freely without intermediaries.

Unlike conventional currencies, Bitcoin exists digitally. It is virtual or electronic money that you cannot keep in a physical wallet or bank account. And that sets it apart from fiat currencies that users can keep in their pockets and bank accounts.

Despite being digital, Bitcoin meets the classic definition of currency. What sets it apart is its reliance on a computer network to enforce cash rules. Thus, Bitcoin is durable, portable, scarce, divisible and recognizable as money.

Supply Limit
Satoshi created Bitcoin with a protocol that limits its supply. The Bitcoin network defines and reinforces its creation. Overall, the world will not have more than 21 million tokens unless miners and other participants in the
The Bitcoin network reaches a consensus to change the protocol.

And this differentiates Bitcoin from other currencies whose supply is subject to manipulation by governments. In most countries, government decisions determine how much money the central bank mints and releases to the public. Consequently, governments can manipulate the value of conventional currency through the central bank and monetary or economic policies.

Bitcoin is an independent, decentralized currency that does not depend on a central authority. It has a tight supply dynamic that benefits users by building trust and reliability.

Bitcoin ownership
Bitcoin is a unique currency because its user owns it. When you accept a Bitcoin payment, you own the tokens you receive in your cryptocurrency wallet. And no one can confiscate your Bitcoins or transfer them to another digital wallet because they require a private key to carry out the transaction. Also, you don’t need a bank to transfer any amount of Bitcoin. Essentially, you are the custodian of your Bitcoins.

Therefore, Bitcoin offers the benefits of online payment escrow and banking convenience with ease of access. As long as you can access the internet with a computer or smartphone, you can transfer your Bitcoins, and no one can confiscate or transfer them without your wallet’s private key.

final thoughts
Bitcoin treats all users equally because no one can exclusively control or regulate it. Furthermore, the global standard of this virtual currency makes it unique because people do not have money of equal value all over the world. However, the acceptance of Bitcoin is low compared to conventional currencies. Thus, not all merchants or companies accept Bitcoin payments at the moment.

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