What is Bitcoin and is it legitimate?

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Bitcoin represent an escape from the imprisonment of the traditional financial system in which we are obliged to participate at birth; a system that has been undermined by inflationary monetary policy, the monopoly of nation-states over money creation, bad investment and debt. Bitcoin is a starting point for rebuilding honesty and a true measure of value in society among borderless, apolitical and decentralized systems. Most people know Bitcoin on the surface. They know it’s a form of money and may have even bought it. Bitcoin is often presented as a new class of assets, cryptocurrencies. Crypto-currencies are essentially sophisticated databases. Bitcoin, for example, is a large database of who owns which bitcoin and which transactions have been made. The difference with Bitcoin is that no central authority runs this large and sophisticated database. Your bank can unilaterally change its database to change the amount it thinks it has, and it is often the case. With bitcoin, the only authority on the network is the one on which the majority of bitcoin users agree. Bitcoin is a natural, decentralized, uncontrolled and digital thing. Bitcoin innovated by bringing a decentralized scarcity to the digital world. Nobody knew that it was still possible before the invention of Satoshi Nakamoto in 2008.

 

Bitcoin is not only an asset, but a mission: to create a new financial and monetary order based on a solid currency without third parties, open, transparent and resistant to censorship. Bitcoin is the only chance we have to decentralize power away from the ruling class in search of rents. For most people, the Bitcoin project is not meant to make buying coffee easy, but to become very powerful money, an even better form of gold. Most members of the Bitcoin community are considering a final phase in which an implementation of Bitcoin will be a massively adopted cryptocurrency, which is both a store of value and a means of exchange. Bitcoin is often referred to as a settlement network where gross space is not intended to facilitate low value individual transactions. Instead, it is thought that its use is used to settle higher value transactions, for which fees are less problematic. This probably includes one-time settlement transactions for secondary payment solutions, such as settling millions of Lightning Network payments into a single blockchain finalization transaction. Currently, the Bitcoin blockchain is by far the most powerful of all existing cryptocurrencies, based on the only hashrate.

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