Effectively Bitcoin tries to mimic precious metals like gold. The Bitcoin algorithm only allows a finite number of Bitcoins (21 million) to be produced. To produce a Bitcoin, you need to dedicate a large amount of computing power towards solving a mathematical problem, which gets harder to solve every few weeks.
The electronic and decentralised nature of Bitcoin mean that transactions are very quick, and don't have any hidden fees that you sometimes get with banks.
The electronic and decentralised nature of Bitcoin mean that transactions are very quick, and don't have any hidden fees that you sometimes get with banks.
