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We've all heard about Bitcoin.
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But what exactly is Bitcoin?
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Let's start at the beginning.
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Around 100,000 years ago.
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Throughout history,
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we've used all kinds of objects
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to help make transactions and store value,
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from seashells
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to shiny metals
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to paper notes.
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That's because the value isn't
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just in the object itself,
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it's in how much we agree
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the object represents.
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So, the object can be many things,
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even, as it turns out,
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a string of digital code.
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The internet changed everything.
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It connected the world,
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changing how we communicate,
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work,
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shop
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and manage finances.
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It also opened the door
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to a new kind of currency and asset.
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Enter Bitcoin,
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a digital currency not governed
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by banks or governments,
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but by its global community of users.
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And that provided new potential benefits.
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Bitcoin exchanges happen
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person-to-person, anywhere in the world,
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in near real time
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and for near zero transaction costs.
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Saving money,
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time
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and opening financial opportunity
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to those without access
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to a banking system.
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Bitcoin
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has a fixed supply of 21 million bitcoins.
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This hard coded rule controls supply,
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purchasing power
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and helps avoid the potential misuse of
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printing more and more currency,
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which can contribute towards inflation.
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All transactions take place on a
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digital ledger called the blockchain.
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It's a digital platform to move value,
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where everyone can see
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every transaction.
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Bitcoin is no longer seen
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as the radical idea it was 15 years ago.
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Over 500 million people around the world
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now use cryptocurrency, with over 50%
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holding or investing in Bitcoin,
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making it the most popular cryptocurrency by far.
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Some use Bitcoin to transfer value
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across borders and for purchases.
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Some see Bitcoin as an investment
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given its limited supply
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and uniqueness relative to other financial assets.
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And for those in certain countries,
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its value goes far deeper,
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potentially offering greater financial autonomy
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by serving as an alternative to local currencies.
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Bitcoin is an emerging
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global monetary alternative.
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Time will tell how far adoption will go,
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but next time you see a seashell
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or shiny metal,
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think about how humans’ idea of “money”
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has evolved throughout history.