Bitcoin explained- what is Bitcoin?

Bitcoin is a completely digital new form of money. It’s unique and revolutionary because it’s available in any country and is a universal currency. Bitcoin differs from traditional currency because Bitcoin isn’t physical, it’s solely digital. Due to the fact that Bitcoin is digital, transactions are efficient and less costly.

However, the main feature of Bitcoin is that it can be sent from person to person without any third party such as a bank. This feature is extremely beneficial because it shortens the amount of time needed for transactions to take place. Plus, it saves money as there isn’t a middleman charging a fee. Personal information is more secure as it isn’t accessed by a bank. Bitcoin also solves the Double Spend Problem, which is an issue where digital money often is counterfeited. Previously, banks would keep track of money in each person’s account to prevent people from doing spending the same money twice, counterfeiting, or “copying” the digital money. Bitcoin is a gamechanger because all accounts and transactions are public without revealing any names or private details, ensuring that no one is able to use the same money twice. The Bitcoin sent is publicly added to the receivers account and as a result, prevents fraud as scammers who try to spend the same money twice are easily discovered.

Bitcoin also offers users more control—Bitcoin isn’t controlled by a person, company, or government! Bitcoin is actually run by its global community of users. Unlike traditional banks or private corporations, there is no central control. Instead, Bitcoin is sent from person to person—this is known as the peer-to-peer system, or P2P.