【Disclaimer】: OTCBTC does not endorse the credibility of any blockchain assets. All related information comes from third-party sources and may contain errors and omissions.
BTC is short for Bitcoin.
The concept of Bitcoin was initially put forward by Satoshi Nakamoto in 2009.
Unlike most fiat currencies, Bitcoin does not rely on particular central issuer, but uses distributed databases that spans the entire P2P network node to record currency transactions and uses cryptography to ensure the security of all aspects of currency circulation, all of which depends on the open source software designed and released in accordance with the idea of Satoshi Nakamoto and the P2P networks where it is built on.
From 2009 to the present, there has been a great progress of development of Bitcoin, with current total market value of about 7 billion US dollars (far as May 2016)
Key Features of BTC:
Bitcoin network is not controlled by a central authority. The work of each mining machine and Bitcoin transaction forms part of the network and runs together. This means that, in theory, any central institution cannot collapse it through monetary policy.
Easy to Set Up
Traditional banks require opening a bank account to enable payment service or transfer with a merchant account. Bitcoin only takes a few seconds to set a Bitcoin address, which is very simple and fast with no charges.
The user can have multiple Bitcoin addresses without the need for any name, house address and other user's identity information.
Bitcoin block details enable you to view the details of each bitcoin transaction, because Blockchain has real-time transaction records. That is, if the user makes a Bitcoin address known to the public, everyone can view the transaction details for that address yet without knowing the user of this address.
Low Transaction Costs
Any traditional bank's international remittance and cross-bank transfer will charge people a certain amount of high service fee, while Bitcoin transactions almost cost nothing.
Users can transfer to any place within a few minutes. Bitcoin network will process the payment after 6 confirmations.
If a user sent BTC to a Bitcoin address, the transfer is irrevocable unless the payee send back to you.
It is available for users in any country and region of the world where network is accessible.
The greatest difference between Bitcoin and other virtual currencies is that the total amount of Bitcoin is constant, which determines its strong scarcity. This monetary system only has no more than 10.5 million Bitcoins in the first 4 years. If 10.5 million Bitcoins have been created, its total number will be limited to 21 million forever.