What is Bitcoin?
Bitcoin is the world's first cryptocurrency, powered by the world's first public blockchain network.
What does it do?
It lets you transfer digital value to anyone using just a computer and an internet connection.
Why does it matter?
It's the first time people can send money over the internet without trusting a middleman.
Bitcoin isn't controlled by any corporation or individual; it's a peer-to-peer network.
Bitcoin is the world's first public digital payment infrastructure.
Roads are public infrastructure, utilities are public infrastructure, the internet is public infrastructure, and the blockchain is public infrastructure.
The Problem.
Before Bitcoin, if you wanted to pay someone digitally, you had to use private infrastructure, like banks. The banks keep their own ledger for all transactions. Banks introduce a third party to the transaction, and if the recipient uses a different bank, a fourth party.
The Solution.
The blockchain is a public ledger; anyone can add an entry by transferring Bitcoin, regardless of sex, race, religion, age, etc. Anyone can create a bitcoin wallet for free with just a computer and an internet connection. Bitcoin is the world's first digital cash and global currency.
The internet freed information. The blockchain freed payments.
Why Is Public Infrastructure Important?
The corporate middlemen and big tech companies providing today's critical infrastructure have all the power, and their interests are not aligned with yours. They can manipulate their private databases when it suits them (aka generates profit).
These corporate middlemen don't just collect fees or create market inefficiencies; they create single points of failure that can be exploited. There shouldn't be single points of failure.
Some Recent Exploits:
The SWIFT network relayed hundreds of millions of dollars in fraudulent transactions due to hacked banks in Vietnam, Ecuador, and Russia. The FBI suspects North Korea is behind the largest of these hacks.
50% of Americans (143 million) had their social security numbers exposed to hackers due to an Equifax breach.
$1.8 billion was stolen by Punjab National bank employees by creating fraudulent SWIFT messages. The largest bank robbery in history.
In 2022, Ukrainians couldn't withdraw money from their banks or ATMs. Those with Bitcoin could access their money quickly, helping them flee to safety.
Hundreds of Canadians had their bank accounts and credit cards frozen by the government during a trucker's protest in 2022.
To Recap:
Bitcoin is the world's first public digital payment infrastructure.
It works because of the blockchain, a public ledger and database.
Bitcoin lets anyone send digital payments without a trusted middleman
Blockchain takes power from big corporations and restores it to the people.
Just as the internet freed information, the blockchain freed payments.
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