What is Bitcoin? - Exclusive World Premiere Documentary on Why Bitcoin Matters Bitcoin, as you're about to see, could revolutionize finance, banking, commerce and more - the impact this technology could have on global society is just beginning to reveal itself.
We think you'll agree after watching "Why Bitcoin Matters" that the future of currency could be digital, open-source, finite, mathematics-based, and truly game changing.
What Is Bitcoin?
Bitcoin is a peer-to-peer digital currency that trades on public exchanges and can be instantly transferred between any two people, anywhere in the world with the speed of an email… and at far lower cost than transactions typically processed through the traditional financial system.
While a lot of people have experimented with digital currencies in the Internet age, Bitcoin’s mysterious creator, Satoshi Nakamoto, was the first person to solve the issue of “double spending” in a completely decentralized network… meaning all transactions are made directly between parties, with no middlemen—but also in a way that is verifiable across the entire network and virtually impossible to counterfeit.
Much like the Internet itself, the Bitcoin hive is essentially a distributed network of computers and people that are relying on a common technological process—the Bitcoin protocol—to confirm and validate every transaction made using a unit of account called a “bitcoin”… which can be broken down into fractions, thereby enabling previously impossible micro-transactions.
The genius behind the Bitcoin protocol is an element of the system called the “blockchain”—essentially a giant, globally shared ledger of every bitcoin and every transaction in the history of the network. Whenever two people follow through with a transaction, it is broadcast throughout the entire network, and the blockchain expands as that exchange is automatically lumped together with other transactions in a new “block.”
While it requires a massive amount of computing power to verify, confirm, and record every transaction that occurs within the network, it’s basically a self-funding system.
Bitcoins are created through a process called “mining”… which happens to be the same mathematical process that seals blocks of new transactions onto the blockchain by verifying that every exchange is valid and using real bitcoins. Thus, by rewarding “miners” with new bitcoins for devoting their time and computing power to performing maintenance on the blockchain, the Bitcoin protocol provides the incentives for the network to continue running in a completely decentralized manner.
There can only be 21 million bitcoins, and the protocol is designed to release a “reward” of new bitcoins every 10 minutes until every unit of the digital currency has been created. As of today, roughly 13.5 million bitcoins have been created, with roughly 7.5 million bitcoins to go.
What is Bitcoin? – Exclusive World Premiere Documentary on Why Bitcoin Matters Bitcoin, as you’re about to see, could revolutionize finance, banking, commerce and more – the impact this technology could have on global society is just beginning to reveal itself.
We think you’ll agree after watching "Why Bitcoin Matters" that the future of currency could be digital, open-source, finite, mathematics-based, and truly game changing.
What Is Bitcoin? Bitcoin is a peer-to-peer digital currency […]