What is Bitcoin?
We had gone through The Evolution of Money, now let's take a peek at
What is Bitcoin?
- Bitcoin is the mother of all cryptocurrencies.
- Bitcoin is the first blockchain. It is the largest open global blockchain that exists today.
- Bitcoin is the first borderless, transnational, open system of access for financial payments and trust that enables innovation without permission, with high resistance to censorship, coercion and geopolitical manipulation.
- Bitcoin is a mathematical prove system that is fundamentally neutral to participants. It exhibits the principle on the internet that we called net neutrality and bring that to finance, which of course, terrifies people.
Its original intention is to create a system of money that doesn’t concentrate the power into the hand of a few. It is meant to be used as a medium of exchange. Along the way, it can be used as a store of value, and someday, it might become a unit of accounting.
Bitcoin, is not created for speculative purposes. It is definitely not a get rich quick scheme, as
most people perceived, at the moment. There will be all kind of traps along the way, when
people try to exploit the technology.
It is a get free scheme, free as in freedom.
While security and scalability are well taken care of, there is much need to be done on the stability part of it. High volatility is something that stands in the way for a mass number of merchants to accept cryptocurrencies as one of their payment options.
This article is an excerpt from Chapter 1 of the book Blockchain Insider.
If you are interested in pre-order the book, kindly leave me a private message, the publisher will alert you once the book is ready. Thank you.
For further info, you may want to check out Andreas Antonopoulos' video - "Blockchain" or Bitcoin: Understanding the differences