Lesson - 3 Five Characteristics of Bitcoin

Lesson 3 of 11 • 17 upvotes • 7:49mins

Kumar Ajay

In this lesson we learn about five important characterstics of Bitcoin which makes it so unique as a currency . When Satoshi white paper appeared in 2008 people thought it would be a niche popular application .But soon it became a world phenomenon because of the characterstics it carries . Commodity Bitcoin acts as a comodity same as gold or silver . Decentralized There is no government or banks are getting involved in transaction that means lower fees and no fear of blocking the account . Acts as a currency You can buy anything from Bitcoin same as other currencies , It is rapidly becoming popular when pizza outlets and merchants have started accepting bitcoins . Platform It is a digital platform where it uses computation power and algorithms for keep running and using most important technology Block chain .Which is peer to peer connected nodes helping running Bitcoin transactions smoothly . Limited Supply As proposed by it's inventor that it would be a limited no of Bitcoins in the world .It can not exceeds than 21Mn in numbers .However price will vary as the demand increases .