With the changing technology, the financial industry has also been constantly evolving. A path-breaking financial evolution has been happening for nearly a decade or so is now a rage in the financial markets.
The new form of currency called Bitcoin is developed by someone with a strong sense of technology and maintained by a brilliant team of experts. This new form of currency is held digitally. One factor that sets Bitcoin apart from other types of currency is that it is not controlled or owned by the Government. Its value is decided by the community of users.
For long, the U.S. currency is based on gold. When you deposit a dollar in the bank, you receive an equivalent amount of gold. The value of Bitcoin is based on mathematics. Complex mathematical formulas involve a series of sequences and permutations that are used for generating Bitcoin. Every transaction processed is recorded and validated in a public register using unique blockchain technologies.
The fact that the Bitcoin network is not controlled or managed by any institution or government body created a deep sense of interest in this technology. Decentralization is the idea behind the Bitcoin technology.
The technology is completely independent of any central authority such as bank, government, or country.
