As Bitcoin gets ever more popular, the 97% who don’t know much about it start to Google ‘What is Bitcoin?’, ‘Where do Bitcoins come from?’, ‘ELI5 Bitcoin’… all in search of a Bitcoin explanation.
It’s because Bitcoin is such a nascent and different technology, a type of money that until it was invented nobody had ever come across before. A type of money that each time people hear snippets about it they have their interest peaked more, and want to know what it is.
What’s more, with the printing machine now set to infinity, governments are helping Bitcoin’s inevitability. Bitcoin is the hardest money ever created, every single one of them has been worked for and governments’ quantitative easing and now UBI will only help Bitcoin’s cause.
So, if this is your first read of Bitcoin allow me to explain what Bitcoin is.
In short, Bitcoin is a network of trust built on a new form of technology known as blockchain. Its first application is the currency everyone calls Bitcoin.
Bitcoin is a borderless, digital currency that is created by miners who work their hard efforts to compete for every new Bitcoin that is created along with every new block that is added to the blockchain.
There is a limit of 21 million bitcoins that will ever be created, and nobody, and I mean nobody can create any more. The code is open source, which means anybody can audit it.
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