What is it?
Currency, Commodity, Digital GOLD?
Bitcoin is Simple, Its none of the above!
In my mind the way i see a Bitcoin is like putting a Value on a Piece of Data. It cannot be altered or duplicated and it belongs to you.
Why Can’t it Altered or Duplicated ?
When you send a BTC transaction it gets recorded in a ledger by ~5000 Nodes running on separate devices by regular individual all over the globe.
When Was It Created?
It was release as a ” Peer-to-Peer Electronic Cash System” in January 2009. Also, it’s an open source code.
Who Created it?
White-Paper was released by an alias that goes by Satoshi Nakamoto. We do not know who it is or who they are.
Why Use it ?
It’s yours, all the BTC in your wallet is own by you not a Government or Bank. You can also invest some money in to a mining machine and put it to work on the Network. By doing that, you receive a reward in BTC directly to your wallet.
It is the fastest payment system and also the cheapest. I can send a payment to you to your BTC Wallet across the globe in one second for a cost of ~0.05$ for any amount.
Credit cards have a thing we call Charge-backs. In other words when any amount of BTC is sent… ITS SENT! Transaction cannot be reversed. Can never be taken away by any Bank or Government.
It is safe because when you send Bitcoin, the receiver can see your Bitcoin address, it only allows them to send BTC to your wallet, not withdrawal. The Bitcoin core wallet can be protected up to 64 characters, which makes it almost impossible to hack.
It is private because you never share any personal information. Your BTC wallet will never ask you for your email, home address, cell phone number, age or any other personal information. It’s a program with no personal identification. It is also Trust-less. The System runs on it own, there is not any Headquarters, no CEO nor a central control. It is mathematics , which records transactions by 5000 BTC Nodes.
It is Anti-inflation. No one decides how many new Bitcoins get generated on a daily. The system is set to have a maximum of 21 million coins, which are distributed to miners validating transactions. For doing that, the network distributes 25 BTC per 10 minutes to the miner. Every 4 years the system cuts the reward by half we call that Halving.