What Is Bitcoin?
This is a very interesting question because Bitcoin means different things to different people and interest groups. The most common term associated with Bitcoin is “cryptocurrency”. Some call it a “currency” which is not entirely accurate. Bitcoin is many things to many people.
Bitcoin is all of the following:
- a software protocol
- decentralized protocol used to assign and transfer value without the need for a trusted third party intermediary
- Store Of Value
- Settlement Layer
- scarce digital asset
- the first decentralized peer-to-peer payment network powered by its own users without the need for a trusted intermediary
- created and released into the world in 2009 by an unknown person using the alias Satoshi Nakamoto
- Wikepedia says the following: It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.
What Is A Bitcoin?
A Bitcoin or a unit of Bitcoin is the output from the process known as mining. Miners are rewarded for protecting and supporting the network by receiving units of Bitcoin when they complete a block. This is known as the “block reward”. The block reward size drops in half every four years and there will only ever be 21 Million total Bitcoins in circulation.
What Is Bitcoin Used For?
Bitcoin is used for several things. Many hold it s a Store Of Value to protect against inflation and the loss of purchasing power. Many use it for speculation. Many use it to purchase things. ome receive their pay in Bitcoin.
If one spends enough time roaming the crypto space, one will certainly encounter a “Blockchain” talking head that declares “it’s all about Blockchain and not Bitcoin”. Generally this is a scammer or snake oil salesmen of some sort trying to pitch you on why their new arcade token is “better than Bitcoin”. Nic Carter does a masterful job tearing apart the lunacy of the entire “Blockchain vs Bitcoin” debate.
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