Bitcoin was the first decentralized digital currency, also called cryptocurrency. It works like cash or gold that can be transferred on the internet across the globe. You can transfer money as easily as sending an email.
This means that you can send money person-to-person without a middleman or involvement of any third party. In other words, you avoid expensive fees and long waiting times as at the bank.
We can briefly describe Bitcoin as follows: Bitcoin is an independent, global and public ledger used to transfer and store value.
- It’s independent because no state, bank or institution can control or manipulate Bitcoin.
- Bitcoin is global because everyone can send money fast and cheap 24/7 to anyone on earth.
- It’s public because all transactions are stored in a common ledger. At the same time, Bitcoin is anonymous because everyone can participate without having to identify themselves.
Bitcoin is secure because it is based on cryptography and mathematics. All users decide together over the Bitcoin network and its rules. There is no central bank that can print more and more money to reduce the value.
Protection against inflation is one of the benefits with the cryptocurrency
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