What is Bitcoin?
by Brian Crain Views: 1906
Bitcoin is a decentralized, global digital currency. If you don’t know what that means, no problem. It takes a while to wrap your head around it. But once you have done, you might just join those who believe that Bitcoin is the most important innovation since the internet.
Bitcoin is money, so you can use it in the same way. You can buy a pizza, furniture, your coffee or even a space flight with Virgin Galactic using Bitcoin. The number of businesses that accept it, ranging from small local stores to major e-commerce sites, is growing rapidly. But what makes people really excited about Bitcoin is something else.
Bitcoin is not issued or controlled by a government. There is no central company, committee or authority that sets up arbitrary rules or abuses the system for their own profit. No banks or credit card companies take a cut from your transactions. Instead, control is with the individual. When you send bitcoin, it’s always person-to-person, so no one can tell you what to do and what not to do.
It’s also a global thing and sending money to some remote corner of Africa is just as easy, cheap and fast as sending it to the person sitting right next to you (as long as there is internet). With Bitcoin, you can be your own bank and you take control of your own money.
It’s a revolution that’s breaking up the outdated, rusty and corrupt world of banking and replacing it with something that is open, decentralized, efficient, impartial and that knows no borders. And you can become part of it too.
Watch the introductory video below, buy some bitcoins (if you’re in the US visit Coinbase.com, if not, Localbitcoins.com) , see what you can buy with bitcoins on BitPremier, find a local Bitcoin meetup group, and of course, don’t forget to donate a bit to Mash Stories 😉
Brian Fabian Crain is a Berlin-based economist and entrepreneur. He is the founder and co-host of the Epicenter Bitcoin Podcast, Europe’s leading Bitcoin podcast. Brian is also the founder and organizer of the Bitcoin Startups Berlin group – the largest and most active Bitcoin meetup group in Germany.