WHAT IS BITCOIN?

14/12/2021

WHAT IS BITCOIN?

Bitcoin is a decentralized digital currency which is out of the control of a central authority .Bitcoin utilizes a technology called blockchain ,which allows transactions to be validated by bitcoin users .This technology is also revolutionary because we are able to prove digital scarcity, meaning you just can’t go creating bitcoin out of the thin air where fiat money can be printed by any government.

Bitcoin is hardcoded to only have 21 million in supply, meaning you can’t just copy and paste bitcoin because the network would recognize it as fraudulent and reject it.The more people realize the importance of its scarcity, the more valuable it is because it is a limited supply currency, unlike gold, it is weightless and lower cost to transfer.
 

Bitcoin is the perfect monetary system because it can’t be controlled by any government, company or person. It’s self regulating and its structure makes it so hard to be hacked.