What is Bitcoin?
Bitcoin (BTC) is a digital cryptocurrency that operates without a central authority – that is, without banks, governments, or other intermediaries. It was created in 2009 by its creator, who goes by the pseudonym Satoshi Nakamoto.
Main Features of Bitcoin
- Decentralization
Bitcoin runs on blockchain technology, which is a distributed database maintained by thousands of computers around the world.
No one owns it – this makes Bitcoin resistant to censorship or shutdown.
- Limited quantity
A maximum of 21 million BTC can exist.
This limit creates a scarcity, similar to precious metals (gold).
- Fast and cheap transactions
Bitcoin can be transferred between people 24/7, globally, and without the need for a bank.
Fees vary depending on network traffic.
- Security
The Bitcoin network is secured through cryptography and a “proof-of-work” system, which means that transactions are verified by thousands of so-called miners.
- Anonymity / Pseudonymity
Bitcoin transactions are public, but are not directly linked to a person’s name – only public addresses are used.
- Investment Asset
Many see Bitcoin as:
digital gold,
a long-term holding tool (HODL),
a hedge against inflation.
However, it has high volatility – its price rises and falls rapidly.
What is Bitcoin used for?
store of value (investment),
payments – e.g. for services, products,
fast international transfers,
technological experiments and the foundation for other cryptocurrencies.
Summary
Bitcoin is a next-generation digital currency that has revolutionized how people can hold and transfer money without intermediaries. It is decentralized, transparent, secure, and has a limited supply, which has made it popular globally.
Bitcoin, like all digital currencies (It is actually technology transformed into money and represents just another level of mammon, human primitiveness.), the very concept of money, as the most intelligent tool of human slavery, will soon be abolished.