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What Is Bitcoin?

Bitcoin can be a new sort of money that is utterly digital. It can be utilized by anyone, anyplace within the world. There aren't any dollars, euros, pesos, or yen - it’s a universal currency.

Unlike ancient kinds of money, there are not any physical bitcoins. No greenback bills, no metal coins, no plastic cards – it’s 100% digital! Everything is finished from phones and computers. this permits for quick and low cost transactions round the world and round the clock.

Incredibly, Bitcoin isn't controlled by anyone, company, or government. It’s pass the community of its users. scan that doubly, as a result of it’s important!

Bitcoin users are located all around the world and use the internet to help send and receive payments. But unlike traditional payments that pass through banks, bitcoin is sent directly from person to person, instead of from person to company to person. This is known as a peer-to-peer system (P2P). It means there is no central control.

What’s amazing is that none of the users in the Bitcoin community need to know each other for this system to work. You can send and receive bitcoin online without needing to meet or even trust the other person. We’ll explain how that’s possible in a bit.

What’s amazing is that none of the users in the Bitcoin community need to know each other for this system to work. You can send and receive bitcoin online without needing to meet or even trust the other person. We’ll explain how that’s possible in a bit.

Bitcoin has benefits that make it better than traditional money, banks, and credit card companies. Let's explore what makes Bitcoin so unique.

Why does Bitcoin exist?

Until Bitcoin came around, you needed banks, credit cards, or companies like PayPal and Venmo to send and receive money. These companies were necessary to do something only they could do: verify that the person spending money actually has money to spend. Banks can do this because they hold everyone’s money, so they know all account balances.

But what's so great about not using banks and credit card companies? For starters, they are slow, expensive, and part of a broken financial system.

Banks have huge costs for buildings, lawyers, and highly paid executives - all funded by the fees you pay (and massive taxpayer bailouts, like in 2008). Banks also limit how you can access and send your money.

In 2008, a mysterious person calling himself Satoshi Nakamoto invented Bitcoin. To this day, Satoshi remains anonymous and nobody knows who he or she is.

The first Bitcoins were issued in January 2009. Embedded in the first Bitcoin code was the message “Chancellor on brink of second bailout for banks.” - hinting at Bitcoin’s creation because of the 2008 financial crisis.