What is Bitcoin?

1 min read by Ghost Writer
published 3 weeks ago

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The magic internet money that is Bitcoin is more, much more, than just magic internet money. In this post we tackle the concept, properties and power of bitcoin—completely explained with GIFs 😍

Bitcoin has been called “Magic Internet Money” but it’s so much more than that. Here are some of it’s magical properties… 🪄✨

Bitcoin is a decentralised digital currency, without a bank dipping into your purse as you use it 👛💸

Bitcoin is scarce. It is inflation-resistant, by design; there will never be more than 21 million bitcoins issued, ever. 🧮

Bitcoin is divisible. One bitcoin is made up of one hundred million ‘sats’ (short for Satoshi’s), they are fractions of a bitcoin that can be divided any way you wish. 🔪🥒

Bitcoin is frictionless. It can be freely sent in real-time via email, text message, or even paper, to anywhere in the world without the help of a trusted third-party. 😎📲

Bitcoin is verifiable. Many have tried, but Bitcoin uses high-level cryptography to ensure it cannot be copied, faked, or counterfeited. 📝

Bitcoin is global. Much like the internet or email, Bitcoin is distributed all around the world. It cannot be controlled by any one person or any one country. 💾🌎

Bitcoin is open source software, meaning it is not owned by any one person or company. Everyone is free to own it, use it, and contribute to it. 🤯

Bitcoin is the newest technology to serve the function of money for the world and the soundest version of money the world has ever known. 🎤💥

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