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Simple Ultimate Guide into Understanding Bitcoin

Bitcoin – first decentralized digital currency that allows secure transactions without the need for a central authority or middleman. A limited supply digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on very large computer network , peer to peer tranactions & cryptography.

Bitcoin, US Dollars and Gold all have value because other people believe that they do. They have no objective value and are all social constructs. Bitcoin same as gold plays into the narrative of the place to store your money during fractional-reserve banking crisis or inflation. It used as a medium of exchange and a store of value just like gold. The advantage compared to gold is that it can be used as both a store of value and as a medium of exchange (international, fast, anonymous money transfers).

Current Fiat currency, which for example is you Euro, GBP , USD etc is subject to a country’s political notions or a central bank’s monetary policy. To simplify, Fiat is created and regulated by a governmental body.  In general, money has a long history. From Barter to Banknotes but no matter what time in history, money has been exposed to corruption and human manipulation often leading to inflation.

Satoshi Nakamoto created Bitcoin in 2009 & then disappeared from the Internet in 2010. No one knows who/she/it is . Around 1.1 million BTC held by Satoshi Nakamoto since disappearance has never been touched!

What’s so Different About Bitcoin Compared to Other Cryptocurrencies?

  • BITCOIN IS A LEADERLESS SYSTEM OF RULES – Bitcoin’s issuance is predetermined, based on code and public for anyone to see. As Satoshi disappeared after launching Bitcoin protocol, BTC is truly leaderless. Which is not the case for other cryptocurrencies.
  • BITCOIN IS TRULLY DECENTRALIZED – Around 50 000 nodes across the globe at the moment according to data and on top of this no organization behind it to go after, which is again not the case for other cryptocurencies. China tried to ban Bitcoin but no success. It’s almost like trying to ban a free thought.
  • BITCOIN IS TRULLY CENSORSHIP RESISTANT – No one can freeze your transaction or order to reverse the transaction. Why? Simply because it’s not possible.
  • LIMITED SUPLLY OF 21MILLION. Only 21 million Bitcoin can ever be produced. It’s built into the coin’s code or DNA. As of February 2023, there are about 1.9 million Bitcoins left to mine. Although almost 90% of the total possible Bitcoin is already in circulation, it will take another 120 years to mine the rest.
  • BITCOIN IS ALREADY A LEGAL TENDER IN 2 COUNTRIES. As of now, El Salvador and the Central African Republic (CAR) are the two countries in the world where Bitcoin  already function as a legal currency.
  • BITCOIN IS CLASSED AS COMMODITY – The only cryptocurency which is currently strongly considered by regulators as commodity.
  • BITCOIN’S FUN FACT – Or not so fun fact. According to crypto data firm Chainalysis, around 20% of Bitcoin has been lost or is stuck in wallets that can’t be accessed. Today that equates to 3.76 million BTC (worth about $190 billion).
  • WHY IT HAS VALUE? – Same as with Gold, Because People believe it has value. Bitcoin’s value proposition comes from scarcity & decentralisation. Bitcoin allows its users to be in full control of their money without banks.

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