Bitcoin is a decentralized currency that functions without the need for any third party. Instead of relying on banks, financial institutions, or other trusted sources to process transactions and transfer funds from one person's account to another, it does this exclusively through an encrypted electronic network known as "The Blockchain."
What is Bitcoin, the technology?
In 2009, Satoshi Nakamoto released the first decentralized cryptocurrency on a white paper describing how it works. In doing so he created an economic system where anybody with access can participate in this global economy without third-party interference or central control from banks and governments.
The blockchain is the most important element of Bitcoin. It tracks who owns what, similar to how a bank records transactions and assets. Unlike banks that have central databases which can be tampered with or falsified by employees working inside it, there's no chance for anyone in control at all--the whole network transparently keeps track on their own without any interference from third parties like governments or corporations.
What is Bitcoin, the currency?
Bitcoins are a type of digital currency that can be used in place of traditional money to buy and sell goods online. They also have some unique properties:
- Bitcoin is global because it's possible for someone all over the world, even if they don't know each other personally, to send bitcoins back and forth through email or chat apps like WhatsApp without any problems; no need for an exchange rate between different currencies hassles either!--
- Bitcoin is never closed on weekends so there will always be someone available 24/7 ready to make transactions happen whenever you want them to!
- Bitcoin is private: Bitcoin transactions are anonymous and safe. Bitcoin transactions do not contain any identifying information other than the bitcoin addresses and amounts involved.
- Bitcoin is a very secure way to make payments: There's no need for sensitive information like bank account numbers or social security numbers when making a payment with bitcoin because all you're sending over the internet are encrypted passwords, which can't be used by anyone else except those in possession of said encryption key (i.e.: users). This makes it near impossible that someone will ever try stealing your identity through hacking since they'll require an access point into our lives first-hand where there simply isn’t one available now.
- Bitcoin is open: Every transaction on the Bitcoin network is published publicly, without exception. This means there's no room for manipulation of transactions or adjusting rules mid-game thanks to its free and open-source software that constitutes the core of bitcoin