IMTC and bit coins: Decentralised Mo
Post# of 194
Posted On: 01/31/2014 8:16:05 AM
IMTC and bit coins:
Decentralised
Most currencies are created and controlled by a central authority that ultimately has power over prices. Bitcoin is decentralized and generated through open-source software , so the system is transparent, priced on the free market, and belongs to no one person or organization.
Digitally Created
Financial systems take a lot of power to run. With Bitcoin, individuals and groups willing to dedicate computer processing power to support the network are rewarded with Bitcoins. This process is known as mining, and it's how every Bitcoin comes into existence
Secure
All newly mined Bitcoins, along with every transaction, are publicly recorded and verified through the network. This record is known as the Blockchain and is one of the features that helps keep the system secure from fraud and abuse. Bitcoins cannot be duplicated or forged.
Decentralised
Most currencies are created and controlled by a central authority that ultimately has power over prices. Bitcoin is decentralized and generated through open-source software , so the system is transparent, priced on the free market, and belongs to no one person or organization.
Digitally Created
Financial systems take a lot of power to run. With Bitcoin, individuals and groups willing to dedicate computer processing power to support the network are rewarded with Bitcoins. This process is known as mining, and it's how every Bitcoin comes into existence
Secure
All newly mined Bitcoins, along with every transaction, are publicly recorded and verified through the network. This record is known as the Blockchain and is one of the features that helps keep the system secure from fraud and abuse. Bitcoins cannot be duplicated or forged.
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