What is Bitcoin?

Defining Bitcoin is a very difficult thing to do because it is such a big concept.

Bitcoin was the first cryptocurrency and was created by Satoshi Nakamoto. Satoshi’s true identity has still not been revealed 10 years later. Bitcoin was originally created to be a peer to peer electronic cash system. This was detailed in the Bitcoin White Paper which was a blueprint for Bitcoin. Many people believe that Bitcoin is untraceable, but new ways to track it have been developed. Bitcoin is meant to remove all the need for third parties. Any time a third party is involved in a transaction there is a risk for a breach of privacy. Many people believe that Bitcoin has become a store of value rather than a good option for digital money. Many people trust their banks and don’t realize that banks are actually taking advantage of them. Ben tells a story about how a hacker got into a credit card account he had. The hacker made a purchase for an Apple Watch. Even though Ben proved it was a hacker, he was still charged for the damage. Cryptocurrency gives us the ability to become our own banks. Along with that freedom comes the responsibility to take care of our own money. Bitcoin mining is briefly discussed along with the supply of 21 million. Bitcoin runs on blockchain technology, also known as Distributed Ledger Technology (DLT)).