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Bitcoins are transferred through a peer-to-peer network between individuals, with no middleman bank to take a slice. Once you own bitcoins, they behave like physical gold coins: They possess value and trade just as if they were nuggets of gold in your pocket. Cryptography also controls theÂ creation of new coins, the term used to describe specific amounts of code.Triggers.. Governments have no control over the creation of cryptocurrencies, which is what initially made them so popular. You can check how much youâll be getting using our income calculator. In the end, while there are nominal costs to use bitcoin, the transaction feesÂ and mining pool donations are much cheaper than conventional banking or wire transfer fees. While every bitcoin records the digital address of every wallet it touches, the bitcoin system does not record the names of the people who own wallets. Indeed, bitcoins have become a tool for contraband trade and money laundering, precisely because of the lack of government oversight. As of 2017, more than half of those bitcoins had been created. .