The Bare Bones of Bitcoin
Curious about the benefits of Bitcoin’s open blockchain? Read on!
The word “Bitcoin” is being used by more than just those in the cryptocurrency industry. Bitcoin is in the news, all over social media, and becoming increasingly popular in the financial world, even recently being added as an ETF, or exchange-traded fund.
If you’re curious about Bitcoin, read on to learn some of Bitcoin’s benefits.
Resists Censorship: One of the greatest benefits of Bitcoin, is the Bitcoin blockchain can’t be censored. Bitcoin’s blockchain is a ledger of every Bitcoin transaction. The data isn’t stored on central server, but rather over a network of computers. This makes it incredibly difficult to hack, modify, or censor.
Peer-to-Peer: There is no centralized point of control, meaning each transaction is distributed between nodes that are equal, or peers. The fees incurred when sending bitcoin (lower-case “b” when referring to the currency) don’t go to a central bank. Instead, fees are rewarded to miners who are doing the work behind-the-scenes.
Open: Bitcoin is open to the public. Anyone, anywhere with an internet connection can use the Bitcoin blockchain.
Neutral: Another benefit of Bitcoin is that it’s neutral. The Bitcoin network doesn’t care who the sender or recipient is. The Bitcoin network’s focus is on transferring value. It turns hierarchy upside-down because it isn’t asking permission. We live in a permission financial society, where we expect to be given permission for how we can send or receive money (unless using cash) and this is a large part of why there are many skeptics.
Public: Did you know anyone can participate in the Bitcoin network? You can even run your own validator node as a participant. Why do this? The network of nodes establishes security, safety, and transparency, and you can be a part of it!
Bitcoin is also open to all to participate! Some banks won’t allow you to open an account without paperwork, permissions, and a certain investment. Bitcoin welcomes all.
Borderless: There are no borders with Bitcoin You can make bitcoin transactions with anyone, anywhere! Like the internet, Bitcoin is everywhere.
Want to learn more about Bitcoin?
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