Is it important?
Bitcoin leverage a powerful and new technology. It is not controlled or issued by any one organization (e.g. bank or government). Instead, it is an open network which is managed by its users. In a similar way that email and WhatsApp improved communication by making it fast and cheap, bitcoin is an improvement on existing payment methods which were not designed for the internet era.
What is bitcoin?
Bitcoin is a decentralized, anonymous, digital-only currency that’s lately gotten a lot of public attention. It was originally developed in 2008 and like in any good mystery, someone using the alias “Satoshi Nakamoto” published a paper describing how Bitcoins could work. (There is a very interesting story about this guy too. He must be very smart but, has never come forward to claim ownership, or any part in revenue.) Just one year later, at 2009, they started being traded and mined. In short, bitcoin represents a way to transfer money anonymously and at almost no cost. And since it’s an arbitrary currency with no nationality attached to it, you’re free to exchange it with anyone in the world. Since Bitcoin’s core protocol is viewable by anyone, it has been vetted by thousands of security researchers around the world and has proven to be robust and reliable. Continue reading