What is Bitcoin?

So, let’s start with the basics here.

What is a Bitcoin anyway?

Bitcoin is a type of electronic cash, ladies and gentlemen. The first one that came out, the most popular and best known yet. It was invented on 3d of January 2009 by someone who called himself Satoshi Nakamoto (we still don’t know who that persona non grata is). Once released, the cryptocurrency went viral and everyone started asking ‘What the heck is Bitcoin?’. But it seems Bitcoin made it through and geeks got hooked because in late 2017 the currency was already worth nearly 20,000 $.

But we shouldn’t derail. The idea was genuinely rebellious. Imagine money, free of central control, independent to banks, institutions, and corporations, accessible for everyone out there. Yes, that’s right! Bitcoin is essentially decentralized, autonomous, global, and free of intermediaries. That means, I can send you money straightly, without going to a bank, having an account in any money-transfer system or whatever. The network operates on a peer-to-peer basis and the transactions are saved on a public ledger. Everyone can see these transactions because they do not contain names and personal information. If you still wonder what a ledger is, take a look at 5 Blockchain Key Terms.

For a detailed, geek developers presentation of the Bitcoin, you should definitely read Satoshi Nakamoto’s white paper.

Otherwise, watch this cool video and rejoice!

 

 

*Video content posted on CryptoFrog is under the Creative Commons License.
Credit goes to the SimpleshowFoundation.