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Quick Facts that makes price of Bitcoin cool while making its Technology Hot

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Shivangi Mujumdar Follow

INDIA

Jan, 02 2021

Jan, 02 2021

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Bitcoin has been in news for quite some time. Almost in every industry, the use of Bitcoin is being made in some or the other way. Since the institutional liquidity has poured into the market of Bitcoin, there are some of its staunchest critics who are now finding it challenging for dismissing the 12-year-old asset since its price surge is new to all-time highs. At least, these three years, surely was good for Bitcoin to prove that it is not dead certainly. However, it gives better credence to make the thesis of the investment for most of the bullish proponents which is like one of the most revolutionary technologies of the time.


More about Bitcoin

This technology has literally become the synthesis of cryptographic technology. It has gone through ample research with many false beginnings as well. Bitcoin was the first attempt at digital cash that actually laid out for the best of a decentralized system. Those who are quite new in this industry need to understand that there are some technical features that have been making Bitcoin standout unique. Listed are some of them:


Fact 1: Bitcoin is one cryptographic money

Bitcoin already has been a part of many misconceptions to date. However, the transactions of the Bitcoin were not kept secret at all. Rather, they were public already. But the system of Bitcoin is built on public-key cryptography which is one branch of computer science that makes use of some complex maths for encoding the data and keeping it hidden from the one who doesn’t really have the right way to decode it. If you know the encryption of PGP then you will understand that transactions of Bitcoin are also the same. The principle works on encryption of the communication be secured enough in the coding that design of the Bitcoin secures its currency.


Fact #2: Bitcoin is censorship resistant

Bitcoin is inclusive due to which you can send it freely as a message. The creator of Bitcoin Satoshi Nakamoto has designed the system in such a manner that permission is not required. This means people can use Bitcoin for holding and even transferring the value. Further, he also made it resistant to censorship. This means, no one has the authority to block you from being a part of the network and make the transactions. This means nobody gets the authority to freeze the funds in your wallet.


It is because of Bitcoin that users can now make the use of a public key from which they can make a public address for reviewing Bitcoin and private keys which the name, of course, shows that to share while the name will be secret.


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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