What are the differences between Bitcoin and cash?

November 29, 2019 • By

Bitcoin is a revolutionary digital currency which does not depend on any kind of bank or government. Clearly, Bitcoin is very unique, compared to traditional currencies. In this article we are going to discuss the difference between Bitcoin and traditional currencies.Visit this site to know about free bitcoin.

The production of Bitcoin

The essential difference is of course in the immateriality of bitcoin. Cash, you can hold it in your hands, and to produce it requires natural resources, raw materials. When it comes to Bitcoin, you do not need any kind of raw materials. BItcoin is made out of code; there is no physical presence of Bitcoin. Click here to know about free bitcoin.

Control over the currencies

Traditional currencies are controlled by an authority, generally the Central Bank of a specific country. But, Bitcoin and other cryptocurrencies are not controlled by any Bank or authority which makes Bitcoin really unique. No one can control the structure or flow of Bitcoin like traditional currencies.

Transaction fees

As Bitcoin is not governed by any kind of Bank, the transaction fee of Bitcoin is very low compared to traditional currency transaction. Compared to Traditional currencies, the transaction fee of Bitcoin is nothing.

The avaiability

The other major difference between traditional currencies and Bitcoin is that there is a finite amount of bitcoins, i.e. about 21 million. After that, no more bitcoin will ever be produced, as this will be mathematically impossible. It also makes money inflation impossible.