Bitcoin (BTC) - A virtual currency based on cryptology
BTC total volume: 21 million Block Time: 10 minutes Launched Date: 2009/1/9
Hash function: SHA-256 Time to reduce in half: Every 4 years
The concept of Bitcoin (BTC) was raised by Satoshi Nakamoto in 2009 illustrating a digital currency dictated by a Peer to Peer model. A Node to Node model of transfers signifies a decentralized payment system.
Unlike most currencies, Bitcoin doesn’t rely on an organization to issue its’ currency. Instead based on a specific mathematical algorithm, Bitcoins are issued once every 10 minutes. Bitcoin economy uses a distributed database formed by multiple nodes in a P2P network to confirm and record all transactional activities. Also uses cryptography design to ensure the security of the currency in circulation.
Bitcoin is the first distributed virtual currency with its network built and conceptualized by users. Being decentralized ensures the safety and freedom of Bitcoin.
Globally assessible: Bitcoin can be managed, mined, bought and sold on any computers despite your geographic location.
In order to manage your Bitcoin, you will need both the public and private keys. No one can assess your Bitcoins useless they have both the keys.
Low Transaction fee: Bitcoin transactions has extremely low fees comparing with traditional payment processors.
No hidden cost
There are no additional cost to transferring bitcoin, simply provide the public address of the recipient to transfer.
Multi-platform Mining: Users can explore the computing power of different hardware on many platforms.
For more information visit the official website: https://bitcoin.org/en/