Bitcoin is digital money that allows secure peer-to-peer transactions on the Internet. It’s the world’s first cryptocurrency and is operating on the blockchain with the same name. Bitcoin is a decentralized currency which means that it operates without any third parties like banks, governments and private companies. Nor is it tied to one country’s monetary system. Bitcoin is today the largest cryptocurrency with a market dominance of approx 40%.
Blockchain technology is based on cryptography and peer-to-peer verification which makes the system extremely secure as the transactions registered on the blockchain cannot be faked, deleted or tampered with. The blockchain acts as a public ledger, logging every transaction ever made using bitcoin and allows transparent access for anyone. Unlike a traditional bank system, transactions on the blockchain are verified and secured by a network of computers and cryptography.
The Bitcoin blockchain was primarily created for sending money over the internet as an alternative payment system directly between users, unlike traditional money systems which need to go through a bank, an institution or a company. Without control from third parties, the transaction and handling costs can be lowered and all people can have direct and equal access to the payment system. By democratizing the financial system, Bitcoin revolutionizes the traditional perception of money and allows for the creation of a more equal and inclusive financial system.
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