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Bitcoin explained simply | Tech News


We’ve written a lot about bitcoin over the years. However, for a layman, bitcoin is a difficult concept to understand. In this piece, we would like to share what we believe to be one of the best videos about what bitcoin is and why we need bitcoin.

To put it in layman’s time, bitcoin is a digital and global money system currency that allows people to send or receive money across the internet. Bitcoin allows direct transactions between individuals without the intervention of an intermediary, such as a bank.

Unlike the Federal Reserve that is responsible for America’s monetary system, bitcoin is a decentralized currency that is not controlled by a single person or organization. In addition, while fiat money like the U.S. dollar is subject to inflation and central banks around the world can just print more at any time with a push of a button, bitcoin has a fixed supply of 21.000.000 units, making it even scarcer than gold.

 

The video below provides more details about what bitcoin is and why we need bitcoin. With the advent of Bitcoin, the world’s first digital currency, for the first time in history money is no longer controlled by banks or governments, but by the people who use it.

But where did this currency come from? How does it work? And is it truly the way forward, or just a flash in the pan? This video answers these questions and more as it explores the mysterious origins of Bitcoin, its role in society, and how it could shape the future.” Special thanks to Jason Spencer for creating this documentary.




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