WHAT IS BITCOIN?
Here are a few things you need to know…
Bitcoin is a worldwide currency that uses a public ledger system to record transactions being sent from one person to another. This all happens without a central bank in the middle and it’s not controlled by any government, regulating body, individual company, or person.
All transactions are completely transparent and thousands of copies of the ledger are kept across a distributed network of computers with no single point of failure. In other words, Bitcoin is a true decentralized currency that nobody can control and this is why everyone is so excited about it.
Bitcoin works a lot like cash, you receive it instantly when it’s sent and just like cash, once you have possession of it nobody can take it. With Bitcoin there are no refunds or charge-backs. The person you sent Bitcoin to must send it back on their own. There is no way for anyone to get your Bitcoin because you must “push” it to them!
In our current economic system you give banks and other entities permission to “pull” money out of your account. These institutions have full control over your account because they have all the details to charge you, they can also freeze your account, take money from your account or do whatever they want.
As a customer of these institutions you have to “hope” they are trustworthy and will hold your money. But with Bitcoin you don’t have to rely on this trust because the only person who can access your account is you!
Bitcoin does not require any “trust” to work because it relies on mathematical equations and a very complex verification system that cannot be manipulated by anyone so it’s always fair. This makes bitcoin a truly revolutionary peer-to-peer system that is designed to get even better as more people use it.