By our content partner: Everything About Bitcoin
Bitcoin is a cryptocurrency that runs on a peer to peer network without a central point of authority (decentralized), but is instead, run and verified by users of the network (peer-to-peer).
There are many characteristics of bitcoin that further makes it unique and unprecedented in the history of money. Some of these characteristics are that bitcoin is…..
1. Limited in Supply (There will only ever be 21,000,000 bitcoins in circulation)
2. Decentralized (This makes bitcoin a safer and more secure type currency)
3. Borderless cheaper and faster (A bitcoin transaction in millions can be sent quickly anywhere in on earth for cents)
4. Immutable (Impossible to forge or falsify)
5. Transparent (Every transaction is recorded on the blockchain)
6. Private (Almost impossible for an outside person to identify the owner of a bitcoin wallet. This is a commonly misunderstood characteristic)
If you are interested in a more thorough article on bitcoin, this article (Everything You Need To Know About Bitcoin) expands on many of the points above in a clear and analogous way.