What is Bitcoin?
Digital Currency – Bitcoin is a digital currency. The reason that we and so many others think it is so remarkable is that this digital money is not controlled by any central authority – that can fail or be banned from taking part in the global money remittance network. The Bitcoin network is completely decentralised & the currency is produced by a community that anyone can freely join.
Banking the Unbanked – Bitcoins can be transferred almost freely and instantly, unlike conventional banks where one must pay a significant amount of money and the transfer may take days.
Diamonds or Gold – Bitcoin is not like the money that we know. It is produced and held digitally. It is created by miners that use open source software to solve mathematical problems. There will only be 21 million Bitcoins that can ever be mined and thus is a deflationary good unlike money produced by central banks in uncontrolled amounts. Right now, almost 16 million are created. One Bitcoin can be divided into 10 million pieces.
Usable and Userfriendly – An online payment with Bitcoin is fast, secure, and at next to no costs The number of goods and services that can be purchased with digital currency is also rapidly expanding. Debit cards are available that can be used for making payments in any known currency using Bitcoin as underlying.