Bitcoin coin image

(Photo Credit: Pixabay at Pexels.com)

So…

you’ve been hearing more about Bitcoin lately…

and wondering what all the fuss is about.

Good! Because there’s a lot to learn.

First, it’s a “digital” asset… one that doesn’t exist in any physical form.

Sure, you may have seen photos of shiny “coins” like this one.

But these medallions are just commemorative.

If you held one in your hand, it doesn’t mean you own one Bitcoin.

. . .

Bitcoin has also been called a digital currency

But really, it’s information in a ledger… on which we place value.

It’s true… you can trade things for Bitcoin.

But that’s no big deal.

We already have digital money.

We buy things online with credit cards and pay bills electronically all the time.

No cash trades hands.

It’s just numbers… added and subtracted in a database.

But one of the things that makes Bitcoin special is that it doesn’t rely on any central authority.

No one “owns” the database…like the way your bank holds your checking account.

No one controls the value… like the way The Fed manipulates U.S. Dollars.

. . .

It’s a “crypto” currency

Meaning its existence is based in cryptography.

This is a BIG, BIG deal. And we’ll talk about it more in a later post.

. . .

It’s a protocol

It has a very specific, standard set of rules for communication and processing.

This standard is night-and-day different from how traditional money and traditional databases operate.

. . .

Bitcoin is open-source

Anyone can inspect the programming code.

Anyone can participate in the network.

. . .

It’s decentralized

There is no one entity that controls the information.

An exact copy of the entire database lives on many, many, many computers simultaneously.

The way this works is actually quite fascinating, and I promise… we’ll get to the details of it in a later post too.

. . .

It’s borderless

It can be sent from anywhere to anywhere.

You don’t need a bank… an international intermediary… or a currency conversion to send Bitcoin from one part of the world to another.

You also don’t need to pay the crazy fees that the bank and the international intermediary would charge you for the privilege of that forced currency conversion.

. . .

Bitcoin is censorship-resistant

There is no Bank of Bitcoin that can close your account because it doesn’t like what you said on social media.

. . .

It’s permissionless

Just like you don’t need anyone’s permission to send an email to your grandmother, you don’t need anyone’s permission to transact with Bitcoin.

. . .

It’s neutral

It doesn’t care what country you live in, how much money you make, or what your credit score is.

. . .

Most importantly…

Bitcoin is a revolution!

It’s the new model that makes the old model obsolete.

And this brings us to the next chapter…

How Does Bitcoin Work?

. . .

P. S. ~ Don’t forget to be awesome today! 😎❤️₿