The Truth Behind Bitcoin!?

 Hi, Steemit Peeps!
 

As Bitcoin adoption becomes more mainstream to the masses, it is truly important to hone in on the signals and stay away from the noise. 

img src 

So what is Bitcoin?

Bitcoin with a capital "B" is the open source software that runs this new digital cryptocurrency and bitcoin(s) - those would be the unit of account that is used within this open source software.

Bitcoin is a internet protocol. It is a distributed immutable digital ledger that is a payment network that runs on the internet. Back when the first web browser was built, there was  a 404 error-page not found and there was also a 402 error-payment method not specified. They didn't have the technology back then to transfer value over the internet but later in the years after the internet was born, Bitcoin has allowed that foresight and thinking to become a reality. 

It is sound money that has a difficulty adjusted base algorithm that makes it the hardest most secure money. This internet protocol has solved the double spend issue and enables for a form of triple entry book keeping that enables trust between individuals to transfer value over a communications channel. 

With there only being 21 million Bitcoins ever created, it holds value as a currency hedge in the world economy/markets and protects the individuals holding it from currency devaluation and manipulation via rising inflation and taxes.  The technology is the main asset here and by owning Bitcoins, you own a stake in an important network infrastructure. 

img src

"The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts." - Satoshi Nakamoto

To participate in the Bitcoin economy you must first acquire some bitcoins. This can be done by mining or through an online service. Several popular exchanges are Coinbase - earn $10 of free bitcoins! and Binance.