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What is Bitcoin?

December 1, 2018 - Tutorials - , , , ,

 

Bitcoin is digital money, but it’s so much more than that. Saying bitcoin is digital money is like saying the internet is a fancy telephone. It’s like saying that the internet is all about email. Money is just the first application. Bitcoin is a technology, it is a currency, and it is an international network of payments and exchange that is completely decentralized. It doesn’t rely on banks. It doesn’t rely on governments.

“Saying bitcoin is digital money is like saying the internet is a fancy telephone.”

Now, some of you may have heard of bitcoin, as a currency, is wildly high in price one day and wildly low in price the next. I’m here to tell you to ignore the price, to ignore bitcoin the money, and understand bitcoin the technology, the invention, and the network it creates. If we mess up the money, we’ll just reboot another currency. The invention of bitcoin, the technology that makes it possible, cannot be uninvented. It creates the  possibilities for decentralized organization on a scale never before seen on this planet.

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Credit cards were made in the 1950s, and they were most certainly not made for an internet age. Bitcoin is made for the internet age.

Bitcoin is not just money for the internet. Yes, it’s perfect money for the internet. It’s instant, it’s safe, it’s free. Yes, it is money for the internet, but it’s so much more. Bitcoin is the internet of money. Currency is only the first application. If you grasp that, you can look beyond the price, you can look beyond the volatility, you can look beyond the fad. At its core, bitcoin is a revolutionary technology that will change the world forever.

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