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What Bitcoin Is
Bitcoin can be described many ways, but simply, it is an electronic payment system based on mathematical proof. It was proposed in a white paper in 2008 by someone using the pseudonym Satoshi Nakamoto (his true identity is still unknown). It is a protocol that produces a means of exchange of value, independent of any central authority whatsoever, that could transferred electronically in a secure, verifiable, and immutable (unchangeable) way. + more
It is not only a new asset class, it is one that makes the holder sovereign. It is completely uncensorable. No one – not a government, not a corporation, not a person, not a single group – controls it, because it is truly decentralized. Bitcoin exhibits Aristotle’s four characteristics of good money:
- Durability – it does not weather or fall apart;
- Portability – relative to its size it is easily moveable and hold large amounts of value relative to its size;
- Divisibility – it is easy to separate and put back together without ruining its basic characteristics;
- Intrinsic value – it has value in of itself, independent of any other object; it is rare.
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