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metamitya
metamitya
bitcoin is digital money that you can store and send online that is not controlled by a central authority like a bank, or nation-state.
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metamitya
metamitya
what are the advantages of bitcoin over services like online banking or paypal?
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metamitya
metamitya
bitcoin is a peer to peer system which means that it is agreed upon and sustained by anyone willing to run the open-source bitcoin software.
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metamitya
metamitya
this makes it free of the movement restrictions of the current monetary order providing a faster & cheaper user experience.
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metamitya
metamitya
bitcoin transactions are recorded anonymously so that business can be conducted privately, and free of censorship.
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metamitya
metamitya
there are many examples of national currencies being manipulated for the benefit of the banks, or the host government.
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metamitya
metamitya
bitcoin isn't controlled by anyone so it is optimized for the benefit of its users. it is not subject to inflation by central bank decree.
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metamitya
metamitya
bitcoin is powered by a technology called the blockchain.
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metamitya
metamitya
the blockchain is secured by cryptography, the mathematics of hiding the meanings of messages.
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metamitya
metamitya
this means bitcoin can be mathematically proven to be secure, which gives it an advantage over the traditional banking system.
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metamitya
metamitya
because bitcoin is peer to peer and mathematically secure it is a trust dis-mediator.
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metamitya
metamitya
bitcoin has the power to obsolete banks which provide trust in many financial transactions.
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metamitya
metamitya
this along with ethereum's smart contracts will shift the balance of power away from banks and governments and towards individuals.
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metamitya
metamitya
this will reorganize our societies.