Interesting Bitcoin Facts You Need to Know

Bitcoin facts are something you need to know, basically. Bitcoins are basically making anything about the transaction, currency issues, or the overseas purchase becomes so much easier. But of course you need to be aware of the technology. Bitcoin is kind of the new currency.
Before you use this new currency, there are several facts about it you need to know and we will explain it all through this article.
There is no one controls bitcoins currency
The general point of money and currency is the control is on the bank’s hand. So, every up and down on the value of the money is controlled by the bank. Besides, you can hold and touch the money, physically.
On the other hand, bitcoin is totally the opposite. This is controlled by everyone who has it and also the software used for validating the currency. The currency can be used across the globe.
There is no set value or inherent
The dollar bill has the set value. You can see that it is a piece of paper with certain number on it which shows the value of the money.
Bitcoins do not have certain set value but you can trade it for goods or other services through the online transaction. The value of this currency depends on the popularity. Higher popularity means higher value on each bitcoin.
The transaction is transparent
Even though this is something that you can touch or hold physically, this is very transparent. You can see all transaction using bitcoin. The personal data is not something you can look but the transaction history can be tracked if you purchase or getting paid with bitcoin. This is why you need extra protection to secure your wallet because the online wallet is the juicy meat for hackers out there.
Bitcoins are mine
It is possible to mine bitcoin. But you have to use the computer software to solve certain problems – commonly the mathematical ones – in order to verify lots of transactions from all over the world. Once you solved the problem, you will get paid a certain number of bitcoins. More problems you can solve then more bitcoins you will get paid.
Transaction cannot be reversed
You definitely cannot take the transaction, which also will not force you to pay. So, once you send certain number of bitcoin to a company or individual, you cannot reverse the transaction. They cannot also repeat the bill and forcedly charge you.
Send money with no fee
The great thing about bitcoin is you can do the transaction overseas without wasting anybody’s time. For example, you want to send money to your brother in the Canada and you are in Philippines. If you use the bank transfer then you need to pay transfer fee, converter for currency fee, and many more. Besides, your brother should wait a couple of days before the money arrived. Bitcoins will only charge you a little or even no fee for transferring money according to the things about bitcoin facts.