Bitcoin is gaining a lot of controversies and its popularity is increasing day by day in many countries of the world. Well, there are quite a number of good reasons for this gain in momentum. Let us read some cool facts about this most popular cryptocurrency.
Bitcoins are not created by any bank or organization and there is no regulation by any financial body
There is no bank or organization which creates Bitcoins and no banks or institutions log the movement of your money or police or track it. These altcoins are transferred via a peer-to-peer network between users and there is no middleman or bank intervening in between.
There is no law enforcement by banks or government and the wallets can’t be seized or frozen or audited by banks. There is no spending or withdrawal limits imposed on Bitcoin users.
Bitcoins are changing how individuals store and use currencies
Today the power of printed currency is in the hands of a central body or powerful banks. These banks and financial institutions print the money, store and move the money as they want and charge us for their middleman services.
There are a number of flaws in this system and the system can be easily abused and printed money can be stored or laundered.
Bitcoins are cryptocurrencies which are designed to put the controlling power of the money owned back into the hands of individuals. Bitcoins are actually complex data packages which have value in themselves instead of paper through which there is a promise to have value.
Bitcoins are forgery resistant
There is a lot of computationally intensive effort to create bitcoins. It is in real terms no financial worth for the counterfeiters to perform forgery in the system by doing manipulations. Also every transaction of every individual’s wallet is stored in public ledger which is open to all.