What is Bitcoin?


From Wikipedia, the free encyclopedia,

"Bitcoin() is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries."

You can learn more here: https://en.wikipedia.org/wiki/Bitcoin

Bitcoin is open-source, the protocol code is open to the public, nobody owns or controls Bitcoin and anyone can contribute. It allows for uses that were not possible via previous systems and beyond it's extremely stable monetary policy such as in its scarcity (only 21M bitcoin will ever be mined), the implications for society run deep.

This is what they had to say,

“I do think Bitcoin is the first encrypted money that has the potential to do something like change the world." - Peter Thiel, Co-Founder of Paypal

"Virgin Galactic is a bold entrepreneurial technology. It's driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency." - Sir Richard Branson, Founder of Virgin Records, Virgin Galactic, and Virgin Group

“I think the fact that within the bitcoin universe an algorithm replaces the functions of the government … is actually pretty cool. I am a big fan of Bitcoin” - Al Gore, 45th Vice President of the United States

At its core, bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things” – Peter Diamandis, Founder of X Prize Foundation and co-founded Singularity University