Bitcoin is a decentralized, peer-to-peer cryptocurrency system designed to allow online users to process transactions through digital units of exchange called bitcoins (BTC).
Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see.
Bitcoin gives you complete control over your money, unlike other assets you own which are regulated by banks and governments.
Benefits of Bitcoin
Bitcoin is a type of virtual currency brought to life by the internet, very powerful computers and the willingness of a lot of people looking to embrace new forms of monetary exchange.
Bitcoin is designed to offer users a unique set of advantages over other payment methods.
How Blockchain Works
Blockchain technology is a way of managing a ledger of records in a decentralized manner. It means that everyone participates in maintaining and updating the ledger, which makes it practically impossible to falsify.
While Blockchain technology is a good solution to the issue of centralization, it’s also very inefficient and slow, therefore it should only be used if the problem at hand is indeed centralization.
The Advantages of Bitcoin
✓ International payments are a lot faster than banks
✓ Fees are low
✓ Blockchain — near impossible to hack
✓ Decentralized — cannot be shut down at a single point
✓ Transparent — you don’t have to trust anyone
✓ Anonymous — you don’t need to use your name
✓ Powered by the community — the fees are shared instead of going to a single point (i.e. a bank or PayPal)
✓ No verification for new users — anyone can use it.