Bitcoin has received plenty of hype as the money of the future over the past few years, but what are the properties of this digital asset that set it apart from everything else on the market? What are the features of Bitcoin that get people to use it in the first place?
Blockstream President Adam Back attempted to answer the question of what differentiates Bitcoin from other forms of money during a recent presentation at Paralelni Polis in Prague. He noted that a good question to ask someone interested in Bitcoin is: ”What’s most important about Bitcoin to them?”
Bitcoin’s most useful features are the ones that cannot be found anywhere else. These are the features that would lead most people who use the digital currency to abandon it if they were no longer available to users (in no particular order).
1. Bearer Ecash
The first differentiating feature of Bitcoin is that it’s a bearer ecash. This means that it works like physical cash. Back explained, “It’s irreversible. You make a payment; it’s done. You can’t take it back.”
Other important aspects mentioned by Back were: There’s no third party, no central point of trust and no bank involved in the system. “It’s