What is Bitcoin?

Bitcoin at its core is simply a global ledger that records new blocks of transactions to a chain, each new block of transactions is added every ten minutes. This is where the term 'blockchain' originated.

Bitcoin is a new form of money, one more suitable for the increasingly digital world in which we find ourselves in. Bitcoin is not to be confused with buzzwords such as 'Crypto'. This term was highjacked by bad actors to sell unlicenced securities to vulnerable retail investors. There are countless thousands of 'cryptocurrencies' on the market today, very few if any have any real, tangible value associated with them, almost all will fail in the long run. This site will help you to understand why this is so.

Bitcoin does not have a CEO, a board of directors, a team of marketers or any influence from venture capitalists. It is simply a piece of open source software.

So what is it that makes Bitcoin unique? Couldn't it just be replicated? Why would governments allow it? What's the issue with fiat currencies?

Find out below.

What makes Bitcoin Unique?

Bitcoin has many unique features that make it valuable:

  1. It is an open source monetary network, anyone can participate.
  2. It is not a security.
  3. It is common property
  4. Blocks are created by the process of mining. This emulates the difficulty of mining gold.
  5. It is immutable. Any block confirmed by the network and added to the chain can never be altered.
  6. The supply is fixed at 21 million coins (How is this limit of 21 million an immutable feature?)
  7. Its a decentralised peer to peer network which eliminates the need for trusted 3rd parties
  8. Through the invention of 'Proof of Work' Bitcoin solved the byzantine generals problem
  9. This also created the concept of digital scarcity.
  10. It is global, borderless, and permissionless.

Understanding Bitcoin takes time.

To ease the steep learning curve on the topic we have created a step by step course built for beginners. It is sent out weekly by email. It starts with the basics of understanding the fundamentals of money as we know and use it today (Fiat Currency) and builds you up week by week until eventually you will learn how to route payments through the lightning network via your own node and even begin mining itcoin at home.

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A picture representing a physical bitcoin