Although it mimics the currencies like Euros, dollars, yen, but it differs from the fiat digital currencies in many ways.
Bitcoin is the censorship resistant money
BTC will neither get blocked by a bank nor get accounts closed. It makes bitcoin investment very unique and famous among the bitcoin dice game. This allows people to secure their investment from the failed government policy or makes the cross border payments easy. This resolves “double spending problem” by the innovative amalgamation of the cryptography or economic incentives.
BTC’s have got very limited supply when opposed to the fiat currencies. And owing to a fact that the supply is very strictly controlled by the underlying algorithms, each hour, small number of the new Bitcoins comes out, with the diminishing rate till 21 million is reached. The studies have also revealed that with passage of time, BTC can be very difficult to mine or draw, thus proving to be practical and sparse. Going by the inflation rate or supply rate graph with time, one will safely say it is quite similar to gold that gets very difficult to mine with coming time.
What makes Bitcoin tempting?
Foreseeable and pronounced financial policy
What’s interesting is Bitcoin has clear foreseeable policies, which will be checked out by anybody. It’s very transparent in that way since it allows the people to know when or how Bitcoins are on a move.
The bitcoin transactions are totally irreversible, not like the electronic fiat transactions. And after one hour, there will not any documented transaction changed that ensures Bitcoin transactions are totally free from any kind of interference.
The identity checks are mandated (required) by law. The law involves, exchanges are, sometimes, required by the law to undergo some identity checks before you let the customers to buy and sell bitcoin.