Bitcoins and Blockchain – What Are They?

So first, what is Bitcoin?

Bitcoin is a peer to peer electronic cash system. Think about it like a foreign currency that is not tangible and lives on the Internet. And yes – it’s a real thing, and yes it has real value, and yes that value massively fluctuates. But, what currency doesn’t to some degree?

Created by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto, this electronic cash system (Bitcoin) was released in January of 2009. It was the first decentralized digital currency in the world. This means Bitcoin allows online payments to be sent directly from one party to another without going through a financial institution. This is a big deal and a huge disruption to how our financial world currently works.

I know it can be hard to wrap your brain around a currency you can’t physically hold or see… until you realize that’s exactly how it already is with debit cards, online banking, wire transfers, and bill pay.

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Gary Elenburg

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Author: Gary Elenburg

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