Bitcoin is a most popular cryptocurrency in the world which was launched on January 3rd 2009 by the developer called Satoshi Nakamoto. For the Bitcoins, a middleman is not required to carry out the financial transactions and therefore it is a decentralized currency. The Bitcoin are stored electronically and that is the reason why Bitcoin was launched as the peer-to-peer electronic cash system.
Bitcoin has various multiple qualities which distinguish it from the other traditional fiat currencies. It is available as only electronic currency and does not exist physically. It is maintained and stored using strong cryptographic keys and that is why it is called cryptocurrency. Bitcoins run on a distributed ledger technology called the blockchain which records all the transactions that occur on the bitcoin network.
Bitcoin has come a long way by steadily rising from a very small initial value of $0.30 and the bitcoin price today is the highest value when compared with the other cryptocurrencies. The price of Bitcoin depends on various factors, most of which could not be clearly defined by anyone.
Advantages of Bitcoins as a payment system:
Using the Bitcoin as a payment system has several advantages over the traditional fiat currency and they are as follows:
- The Bitcoin traders get freedom from peer to peer trading and there would be no instructions from any third parties like the banks, governments and other financial institutions.
- The transaction fees are comparatively lesser than the standard wire transfer.
- No sales tax is required to pay on Bitcoin transactions
- International Bitcoin transactions are very fast when compared with the standard Bank transfers
Freebitco is one of the best sites for trading with the bitcoins and to know the bitcoin price today as well.