WHAT IS BITCOIN?
Bitcoin is the first decentralized money or currency on the internet, designed and developed by a person or a group called by the pseudonym Satoshi Nakamoto in 2008-2009 period in the middle of the economic crisis. Satoshi created Bitcoin as a form of peer-to-peer cash system that does not rely on third party like a bank to establish trust. There will never be more than 21million bitcoin created and each bitcoin is equal to 100million Satoshis which is the smallest unit of Bitcoin just like the cent is the smallest unit of the dollar. The Bitcoin network is secured by decentralized computers spread all around the world called miners of which owners are incentivized to keep mining to earn block rewards in the form of bitcoin and this is why Bitcoin is now the most secured network in the world.
Surprisingly, Bitcoin has evolved throughout times and it is still battling multiple attacks such as: technical, social and political, and it seems like Bitcoin always manage to find a reason to continue to exist.
WHY DO I NEED BITCOIN? If you find value in this post please take a minute to lightning tip me a few sats
I appreciate it!Now you have a basic understanding of Bitcoin, let's talk about the Bitcoin use cases, you notice that I refer to Bitcoin as crypto asset in the beginning? Yes, many now start to see Bitcoin as a store of value like Gold. Yes Bitcoin does not have all the characteristics of Gold but to explain Bitcoin I like to make the allusion of Gold which I know has physical scarcity on earth and Bitcoin has digital scarcity on the internet since nobody can create any more of Bitcoin. And as we are moving into the digital world it's becoming more of an imperative for most people to own something like Bitcoin in the digital world that is scarce just like Gold is in the physical world.
Furthermore, Bitcoin is permission less and censorship resistant therefore nobody or entity can stop you from sending your Bitcoin to someone else. But I don't want you to get to excited and think Bitcoin is private, no it is not totally private and this is a common misconception people have about Bitcoin, the fact that most transactions are public on something called the Bitcoin ledger which means anyone can go look at the entire history of Bitcoin transactions on that ledger and trace the transactions.
To learn more about Bitcoin there are a lot more posts on this blog that answers a lot more questions about Bitcoin, please feel free to continue to explore more.
I am dedicating a lot of time and energy in researches to provide you all these information and knowledge.
My goal is to help as many people as I can crossing the bridge of understanding the Bitcoin saving
technology so they can protect themselves. If this post helped you in any shape or form and you would like
to support me you are welcome to contribute with as little as $0.5 to this bitcoin address below. But
most importantly please share this with your family and friends to help them out in understanding the
Bitcoin potential to save their lives.
bc1qyatnjmhkklnqsr4m0c85qxk7m4u0gvwl8ryj8tf542y5sza9czfsdew2h6
My goal is to help as many people as I can crossing the bridge of understanding the Bitcoin saving
technology so they can protect themselves. If this post helped you in any shape or form and you would like
to support me you are welcome to contribute with as little as $0.5 to this bitcoin address below. But
most importantly please share this with your family and friends to help them out in understanding the
Bitcoin potential to save their lives.
bc1qyatnjmhkklnqsr4m0c85qxk7m4u0gvwl8ryj8tf542y5sza9czfsdew2h6
