What’s Special with Bitcoin

As a virtual currency, bitcoin has three special features:

The voluntary limitation of the number of units issued without indexation carries a risk of speculation leading to high volatility.

In terms of transparency, an encryption of the identities of beneficiaries and principals. Transactions carried out in a public register, but this traceability is limited: it does not make it possible to know the originator and the beneficial owner, it is neither certain nor systematic, it is not exploitable neither technically nor legally.

In  terms of extraterritoriality, the protagonists, the servers and the natural or legal persons who exploit it can be installed in countries and territories from whom cooperation is difficult to count.

The exchange bank makes it possible to exchange the virtual currency against the legal tender, the way an automatic teller makes it possible to withdraw cash. To do this, it can take into account identification procedures based on a biometric control: the price of palm prints, the scanning of a piece of identification and the comparison of facial features with the photo that appears on their card of identity. Another peculiarity of Bitcoin is the irrevocability of an illicit transaction.

Since its inception in 2009, Bitcoin has gradually become increasingly popular in the mainstream. We have recently seen governments embrace it, just last week Venezuela launched the first state-backed cryptocurrency called Petro while Saudi Arabia is utilizing blockchain technology to settle inter bank payments within the Kingdom.