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April 11, 2018, 02:05:10 PM |
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The traditional fiat currencies used in the world like Euro, Pound, USD, etc. are governed by a central authority or government bodies of the respective countries. This means they are centralized. Moreover, all the transactions done electronically will be processed through banks who will be charging heavy fees in return along with taking substantial time to process the transactions.
This is not the case with Bitcoin as it is completely based on a decentralized which is operated by the communication and co-operation of the participants taking part in it.As the network is distributed across the globe, the transactions at any time will go through even if some part of the network goes offline.
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