Bitcoin is the payment system that was released in the 2009 by Satoshi Nakamoto as the open-source software. The important characteristic of BTC is unlike conventional or traditional printed currency, this is the digital or electronic payment system, which is based on the mathematical proof. The traditional currencies have got centralized banking systems, which control them as well as in absence of single institution controlling this, and US Treasury has even termed Bitcoin as the ‘decentralized virtual currency’. Underlying idea behind BTC price was producing the currency independent of central authority or one that can get transferred instantly and electronically with no transaction fees.
Valid Financial Service
By 2015, number of traders accepting BTC payments for the goods or services exceeded to 100,000. Some major banking & financial regulatory authorities have warned users that BTC aren’t protected by the chargeback and refund rights, though financial professionals in the major financial centers easily accept that the Bitcoin will provide valid and legitimate financial services. Alternatively, increasing use of the Bitcoin by criminals is cited by the legislative authorities, financial regulators and law enforcement agencies as the major concern.
Lower inflation risk
Number of Bitcoins made is set at the predetermined rate. What it means is there’s not any possibility of government printing more money for paying off the debts. While the real world currencies have lost small percent of worth each year, Bitcoin price appears to be getting higher.
When the currency gets attached to government, this depends on stability of the government. We know that governments can fall, so when they do currency that they printed will at times become worthless.