FIX THE MONEY, FIX THE WORLD
Unless you've been living in the remote wilderness of the Australian outback or cohabiting with an indigenous tribe on the grasslands of the Serengeti, then you’ve probably heard about this new “magical internet money” called Bitcoin. So what is Bitcoin? Well, some people think it's just a vehicle for financial speculation, while others believe it’s a rouge AI sent back from the future to reek havoc across the environment. But for me and many others, Bitcoin is emerging as one of the greatest technological advancements in human history; a revolutionary protocol which has the potential to change the course of human civilization for the better. For an in-depth look into Bitcoin, checkout my Bitcoin podcast recommendations here.
Bitcoin is a decentralized global software network that was created in 2009 by a an individual or individuals going under the pseudonym, Satoshi Nakamoto. Nakamoto solved the double-spend problem - in layman’s terms - he/she/they figured-out how to send a piece of information across the internet, without that piece of information being able to be duplicated. Doesn’t sound that revolutionary right? but this allows for some exciting uses that just aren't possible with conventional payment systems.
Bitcoin also has some very unique properties. It has no central authority, is open-source, censorship resistant, seizure resistant, borderless, permissionless, pseudonymous and programable. It cannot be regulated, captured, or rendered compliant. Bitcoin is honest, reliable, inclusive and non-discriminately; the Bitcoin network is open to each and every person on Earth who has access to an internet connection. Unlike fiat currency, Bitcoin transactions don’t go through banks, intermediacies or centralised third parties, but travel directly from one person to another. The Bitcoin public ledger can be fully audited by any individual running cheap hardware such as a Raspberry Pi. Bitcoin has rules, not rulers.
And finally, Bitcoin is extremely scarce. The number of Bitcoin in existence can never exceed 21 million - although, a single Bitcoin can in-fact be divided into 100 million bits (known as Satoshis or Sats). This makes Bitcoin the hardest currency the world has ever seen.