P2P Open Source digital money
Bitcoin is a decentralized P2P open source digital currency. Bitcoin enables fast, instant payment and money transfers to anyone in the world.
Originally developed by the unknown person/group named Satoshi Nakamoto, Bitcoin’s first whitepaper describing the technology and its uses appeared on Ocotber 31st, 2008.
Since then, Bitcoin has laid the foundation for cryptocurrencies and is widely regarded as the mother of all cryptocurrencies. The development of Bitcoin is ongoing, and by being open-source, is mainly driven by a community of enthusiast.
Trade and money transfers
Bitcoin is used as a digital alternative to the money we all know.
Bitcoin offers the ability to transfer value across borders, without needing middlemen such as banks and financial institutions who charge high fees for money transfers.
Eliminating middlemen and drastically reducing fees on money transfers could bring new opportunities for international trade.
Another use is to provide a currency of value in economies suffering form great inflation. People can transfer their wealth to Bitcoin, in the hopes that Bitcoin will remain more stable than their countries currency.
Many developing African and south-american countries have been suffering from hyper inflation in recent years. Venezuela has since 1983 had inflation in the double digits.
in 2018 the inflation rate reached 1.000.000%, meaning the currency is near worthless to other countries. This damages jobs, trade, wipes out pensions and investments made in Venezuelan currency.
When a country is experiencing hyperinflation, Bitcoin can work as a hedge and secure the value of peoples money from future inflation.
Pros and Cons
- Fast international transfer of value
- Relative low fees
- Greater anonymity than traditional currencies
- Proved and testet crypto currency
- Volatile price
- Not widely accepted as payment method
- Not fully anonymous transactions
Where to buy Bitcoin
Bitcoin can be bought and sold on many different websites. When choosing where to buy your Bitcoin, you should always consider the security of the company. With more than 35 million users, Coinbase is a proven and trusted place to invest in cryptocurrencies.