What makes Bitcoin unique?

‍Bitcoin is the gold of the digital world. Money that can be used anywhere by anyone and where no state, bank or coproration controls the issuance or the transactions. Unlike gold though, it is simple and fast to transfer across the world, across borders.

In a world where messages and information can be sent globally in seconds we should expect no less from money. But, sending money is not the same as sending information, as digital information can easily be copied.

This problem was finally solved in 2008 by Satoshi Nakamoto, being the first person in history to create a truly scarce, digital asset. This opened up the possiblity to send value across the internet, without third parties. Read more about how Bitcoin works here.

What makes Bitcoin Unique?

Open — Anyone may participate in the Bitcoin network. Nobody can stop you from creating a Bitcoin address and send or receive money. This may not seem like a big deal to people in some developed countries but it is a huge deal in countries where the people have to struggle with corrupt governments.

Transparent — How Bitcoin works is no secret. The description of the system, published by Satoshi in 2008, can be found here and if you have technical skills the complete source code is also open for you to read, or even contribute to.

Decentralized — No authority decides when or how bitcoins are created or what transactions should be approved. This is defined entirely by code and anyone can participate in the process by becoming a miner.

Digital — Sure, cash is great, but there are some major benefits to the digital world. No expensive shipping, the money can be sent globally with the push of a button and it is impossible to counterfeit.

Psuedonymous — When sending bitcoins the transaction is stored in an open ledger for anyone to read but it can't be tied to a specific person since the only thing visible is a Bitcoin address (a long string of letters and numbers), not your name. Bitcoin is called pseudonymous instead of anonymous as it in theory, through some detective work, could be possible to connect a Bitcoin address to a person.

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