jayboi on Nostr: …continued from previous post Topic: Characteristics of Bitcoin The key ...
…continued from previous post
Topic: Characteristics of Bitcoin
The key characteristics of Bitcoin include:
Decentralization: Bitcoin is not controlled by any central authority, such as a government or financial institution. Its decentralized nature is one of its defining features and differentiates it from traditional currencies.
Limited Supply: Bitcoin has a fixed total supply of 21 million coins. This scarcity is built into its code, ensuring that no more than 21 million bitcoins will ever exist. This feature makes Bitcoin deflationary, contrasting with traditional currencies, which can be printed in unlimited quantities.
Transparency and Anonymity: All Bitcoin transactions are recorded on the blockchain, making them publicly visible. However, while the transactions are transparent, the identities of the users involved are pseudonymous, meaning that they are represented by complex alphanumeric addresses rather than personal information.
Read previous post here: https://primal.net/e/note1dakwy3wgudp4z4qm24awlztxhg65yztzh7hetskd78kmn74x72tq3glnyr
#bitcoin #btc #newbie #learnbitcoin
Topic: Characteristics of Bitcoin
The key characteristics of Bitcoin include:
Decentralization: Bitcoin is not controlled by any central authority, such as a government or financial institution. Its decentralized nature is one of its defining features and differentiates it from traditional currencies.
Limited Supply: Bitcoin has a fixed total supply of 21 million coins. This scarcity is built into its code, ensuring that no more than 21 million bitcoins will ever exist. This feature makes Bitcoin deflationary, contrasting with traditional currencies, which can be printed in unlimited quantities.
Transparency and Anonymity: All Bitcoin transactions are recorded on the blockchain, making them publicly visible. However, while the transactions are transparent, the identities of the users involved are pseudonymous, meaning that they are represented by complex alphanumeric addresses rather than personal information.
Read previous post here: https://primal.net/e/note1dakwy3wgudp4z4qm24awlztxhg65yztzh7hetskd78kmn74x72tq3glnyr
#bitcoin #btc #newbie #learnbitcoin