You may have heard of Bitcoin on TV, or in a conversation with friends. Truth is, Bitcoin is more than just “funny money”, in fact it is now a force to be reckoned with. Dig a little further and you will find Bitcoin is
actually an extremely fascinating concept.
Bitcoin is an internet digital currency. Unlike other digital currencies like PayPal, Bitcoin is decentralized.
Decentralization, in the context of Bitcoin, means every transaction made on the Bitcoin network can be viewed by anyone around the whole world. Furthermore, all the information of Bitcoin transactions is downloaded onto every Bitcoin users computer making it impossible to shut down the Bitcoin network.
The Bitcoin protocol cannot be hacked and if backed up correctly can be even safer than storing your money in a bank.
Bitcoin can be used to buy things in the real world. Want a new TV? A cup of coffee to start the day? Try paying for it with Bitcoin.
“At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things” - Peter Diamandis
WHAT IS BITCOIN?