Bitcoin: Difference between revisions
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As opposed to conventional [[fiat currency]], the bitcoin differs in that no overseer can control the value due to its decentralized nature,<ref name="FAQ">[http://www.bitcoin.org/faq Bitcoin FAQ]</ref> mitigating possible [[business cycle|instability]] caused by central banks. There is a limited controlled inflation hardcoded in the Bitcoin software, but it is predictable and known to all parties in advance.<ref name="whitepaper"/> Inflation cannot therefore be centrally manipulated to effect redistribution of value from general users. | As opposed to conventional [[fiat currency]], the bitcoin differs in that no overseer can control the value due to its decentralized nature,<ref name="FAQ">[http://www.bitcoin.org/faq Bitcoin FAQ]</ref> mitigating possible [[business cycle|instability]] caused by central banks. There is a limited controlled inflation hardcoded in the Bitcoin software, but it is predictable and known to all parties in advance.<ref name="whitepaper"/> Inflation cannot therefore be centrally manipulated to effect redistribution of value from general users. | ||
[[Image:total bitcoins over time.png|thumb|right|238px|Total Bitcoin supply over time.]] | |||
Transfers are facilitated directly without the use of a financial processor between nodes. This type of transaction makes [[chargeback]]s impossible. The Bitcoin client broadcasts the transaction to surrounding nodes who propagate the payment across the network. Corrupted or invalid transactions are rejected by honest clients. Transactions are mostly free, however a fee may be paid to other nodes to prioritize transaction processing.<ref name="whitepaper"/> | Transfers are facilitated directly without the use of a financial processor between nodes. This type of transaction makes [[chargeback]]s impossible. The Bitcoin client broadcasts the transaction to surrounding nodes who propagate the payment across the network. Corrupted or invalid transactions are rejected by honest clients. Transactions are mostly free, however a fee may be paid to other nodes to prioritize transaction processing.<ref name="whitepaper"/> | ||
