What Is Bitcoin and How Does It Work Fully Explained Part1

Whats bitcoin well before answering this question first we have to start
from whats money so whats is money so money is money is a technology invented not for
hundred years not for thousand years but much earlier ever since
people started to trade for valuable things it's a language that
people use to communicate values the early forms of money such as
a goat or a basket of bananas were too limited to location and time
also the trading was inconvenient then there were rocks and shells
exchanged for goods but they were not divisible and durable its takes
hundreds of thousands of years for precious metals such as silver
gold to come up as a truly transformational form of money the not
only has intrinsic value but is portable divisible durable fungible
and scarce after thousands of years using precious metal the first paper
money started to emerge also known as the fiat currency it took
hundreds of years for the world to adapt it because people were
freaked out how you can trade something that has no intrinsic
value like paper to gold and silver fiat currencies are very
easy to transport and circulate so it helped to boot human civilization
into a fast developing era however it has a fatal characteristic
unlike the physically limited precious metal it can easily be printed
by the government and therefore causing inflation then the price goes
up and wealth flows from the people to government not only that the
centralized banking system has absolute control people's money and
they can do whatever they want someday you may not be able to withdraw
money from the banking because you don't have the control now there is
bitcoin coming out along with the rapid development of digital and network
technology its sounds like digital currency but its not just a digital
currency actually we already have digital currency that we use everyday
online transactions credit cards electronic checks they are all digitized
fiat currency bitcoin called a cryptocurrency and that is very different
from fiat currency its does everything a currency has portable divisible
durable fungible on top of that it has a limited number of supply just like
gold and its decentralized no one controls it the total number of bitcoin
is limited to 21 million and the transactions no rely on bank or a platform
its protocol based and can be done between any computers and mobile devices
the people who own bitcoin absolute control over it no one can steal your
bitcoin and personal information its also very fast and a truly international
currency with very little transaction fess the application that can be built
on top of bitcoin is unlimited for example crowdfunding amazing international
projects decentralized marketplace peer to peer lending smart contracts and
many more that haven't yet been discovered.