Did you know that Bitcoin, was formulated on six fundamental pillars:
1. **Decentralization:** No single entity or individual has control over the Bitcoin network. It relies on a peer-to-peer system where users are free to transact directly without needing an intermediary such as a bank or government.
2. **Open-Source:** Bitcoin's source code is publicly accessible to anyone. This transparency facilitates a trustless environment - users can verify the rules of Bitcoin operation without depending on any third party.
3. **Limited Supply:** The total supply of Bitcoin is capped at 21 million. This scarcity is inbuilt into the system to counter inflation.
4. **Anonymity:** While Bitcoin transactions are publicly recorded on the blockchain, the identities of the people behind the transactions are hidden. They are identified only through their public addresses.
5. **Immutability:** Once a Bitcoin transaction is confirmed and added to blockchain, it can't be reversed. This feature strengthens the security of the system and prevents fraud.
6. **Divisibility:** Each Bitcoin can be divided into 100 million smaller units called satoshis. This feature makes Bitcoin usable at a micro-level, which is particularly useful given its finite supply.
These pillars have helped Bitcoin gain worldwide acceptance and establish a new paradigm for digital, decentralized currency.
