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Posted by / 15-May-2020 04:12

And if some part of the network goes offline for some reason, the money keeps on flowing.

Conventional banks make you jump through hoops simply to open a bank account.

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The mathematical formula is freely available, so that anyone can check it.

The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.

Conventional currency has been based on gold or silver.

The bitcoin network isn’t controlled by one central authority.

This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network. The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners.

However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).

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