One of the most pressing questions on the mind of a lot of people around the world is: “What is Bitcoin?”. While there are several possible answers to that question, it should be answered with another question. Are you interested in the monetary aspect, the technological aspect, or the ideology behind Bitcoin? In this article, we will start by answering the last question first.
The Bitcoin Ideology
When we talk about Bitcoin to our friends, family or even people we just ran into a few minutes ago, it is hard to explain this concept without going into technical details. For most of us Bitcoin enthusiasts, we have become so accustomed to using certain terminology which is rather obscure to novice users.
This “Bitcoin slang” we use has another side effect, as we tend to lose focus on what Bitcoin is all about. Granted, there is a lot of focus on the monetary aspect, even though it is just one of the many aspects that make up the term Bitcoin. From a technological point of view, conversations tend to become hard to follow when talking to very passionate people.
But what we hardly talk about these days is the ideology of Bitcoin, the reason why this project was created in the first place, even before it took on a monetary status in the world. Things used to be very different when it came to Bitcoin just a few short years ago, but we have come a long way ever since, that’s for sure.
Bitcoin was invented by Satoshi Nakamoto, a person – or group of people – of whom the origins or identity remains a mystery up until this point. There is a lot of speculation on the identity of Satoshi Nakamoto, but until this day, no one has come close to the truth yet. In all fairness, we don’t really need to know who Satoshi really is, although the mystery is appealing and intriguing to people from all over the world.
When Satoshi created Bitcoin, it started out as an idea to combat the world’s infrastructure we know today. Not just for the financial sector – even though Bitcoin is a payment system by nature – but also in regards to transparency, storing data, and most importantly, giving the power back to the people it belongs to.
In doing so – and forgive me for using a technical term here – Bitcoin’s infrastructure takes on a decentralized aspect. The way decentralization works is simple to explain : instead of having one central body [a government, a company or an individual] holding all of the power, you divide that power amongst everyone on the network – in this case, the Bitcoin network.
Being part of the Bitcoin network may sound like it requires a lot of effort from the user side, but it really doesn’t. Even by just reading up on Bitcoin, you are already becoming a part of the network in a way. We will talk more about this in the upcoming “technical aspect article” on Bitcoin, but suffice to say that you have taken the first step of becoming a Bitcoin user by reading this article.
After all, one of the main aspects of Bitcoin is the fact that it connects users to one another without any intermediary party of “middleman”. This connection can be formed in many different ways, of which gathering information on Bitcoin is one. Just like talking to your “peers” can lead to long lasting friendships, reading up on Bitcoin and what it can do can form a better world for everyone.
Bitcoin website: http://bitcoin.org
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