Why Bitcoin is a unique currency

Bitcoin is an abstract or virtual currency that Satoshi Nakamoto created and introduced in 2008. This mysterious entity predetermined Bitcoin’s production rate to make it scarce money. Bitcoin’s value basis is the trust that users have in it and its protection by its underlying technology.Bitcoin secures and authenticates transactions using cryptography. Today, individuals and institutions use Bitcoin as a digital currency. Initially, some people associated Bitcoin with illegal activities and the furtherance of criminal activities. Bitcoin doesn’t have a central issuing authority like a central bank.Also, decentralization and the lack of a central regulatory authority add to the risk of using Bitcoin. However, Bitcoin has significant economic benefits over conventional currencies.