How can digital money be prevented from double spending when no central authority, like a bank, exists to oversee transactions?
Bitcoin provided the solution by creating an innovative method of conducting online transactions using only digital IDs. Its decentralized nature ensures its upkeep by thousands of “miners” worldwide who are incentivized through financial incentives.
1. It’s a decentralized currency
Bitcoin was designed by an unknown individual or group as a way for people to conduct transactions without needing an intermediary to conduct them. Transactions on bitcoin are recorded on a decentralized blockchain which acts like the ledger at a bank but cannot be altered or compromised in any way.
Bitcoin allows people to transact value globally without bank involvement, credit card companies or lenders – opening up the potential for a more efficient, freer and innovative financial system that could appeal to investors, libertarians, the financially oppressed no matter where they reside and provides financial freedom and innovation for all. As such, bitcoin became one of the first widely adopted cryptocurrencies.
2. It’s a form of privacy
Privacy is one of the main attractions of bitcoin; while all your financial transactions may remain private with perfect technology, sometimes this may not always be possible. When opening an account at a cryptocurrency exchange, undergoing anti-money laundering checks or buying goods online which require delivery mail addresses as proof of purchase; also it’s not uncommon for people to share their donation address online (e.g. forum signatures), leaving themselves vulnerable to eavesdropping attacks.
3. It’s a form of freedom
Many have difficulty comprehending how Bitcoin contributes to global society. Many see it only as a tool used by freedom fighters and terrorists, scammers and black market dealers – though these aspects certainly need to be discussed. But they don’t tell the whole picture.
Bitcoin represents freedom. We often forget this when discussing it as it can easily be lost sight of: its importance lies in offering freedom to those who may never have had it before or be unable to access it any other way; its power enables people to stand up against oppression without fearing arrest or imprisonment – we won’t rest until every one who ever lived under fear societies gains their liberty through Bitcoin.