For those new to the world of cryptocurrency, Bitcoin is a digital payments system and form
of cryptocurrency that was invented in 2008 and launched in 2009. As the world's first widely-used cryptocurrency, it followed several failed attempts at creating digital peer-to-peer money.
Bitcoin was created by an individual or group of individuals under the pseudonym Satoshi Nakamoto, and their true identity remains unknown. Satoshi published the Bitcoin whitepaper in October 2008, which described a way to create a monetary network without the need for a central authority.
Using Bitcoin, individuals can transfer digital money to anyone from anywhere in the world. Transactions are recorded on a ledger known as the Bitcoin blockchain, which is visible to anyone. Due to the vast amount of computing power required to "mine" blocks of Bitcoin, some describe it as "digital gold."
Despite Bitcoin's controversial nature, many believe that it will continue to gain legitimacy as a financial product.
WHAT MAKES BITCOIN VALUABLE?
In less stable and developed countries, the current system of money and payments may not work as well. With Bitcoin, transactions can occur without the oversight or control of banks or governments, allowing for the 1.7 billion adults worldwide who are either unbanked or from corrupt countries to manage their finances independently.
Bitcoin also solves the issue of physical currency being relatively archaic in an increasingly digital world, making it easier to transfer value across its platform. This is one of the reasons why banks take so much time to move international currencies, for example.
Another benefit of Bitcoin is that it is censorship-resistant. Because banks and governments cannot control an individual's Bitcoin, it is wholly owned by the individual, without any interference by a third party. This makes it an open-source, peer-to-peer monetary system, unlike fiat currency which involves middlemen such as governments and banks.
Bitcoin's immutability, or the fact that it is virtually impossible for anyone to alter previous Bitcoin transactions, is also an attractive property to users. The network can be audited at any time due to its transparency, which bolsters its integrity as a viable source of currency.
The technological advancements that Bitcoin uses, such as the blockchain, also contribute to its value. The architecture of the Bitcoin blockchain is incredibly strong and has been able to secure billions in value while sorting valid and invalid transactions without being hacked.
Additionally, no central authority has ever been in charge of the whole system.
While Bitcoin presents several benefits, it is important to consider the trade-offs associated with this new digital currency and technology.
KEY TAKEAWAYS
Bitcoin enables digital payments that transgress borders and establish an equal, common monetary system.
Bitcoin is censorship-resistant, and individuals get to control their Bitcoin without oversight from governments, central banks, or any other third party.
Immutability is a valuable aspect of Bitcoin, making it nearly impossible to manipulate, replace, or act fraudulently within the network.
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