Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.From front page of bitcoin.org:
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is an innovative payment network and a new kind of money. Fast peer-to-peer transactions. Worldwide payments. Low processing fees.I refute almost all the widely held promoted views supposedly true about bitcoins: 1) Bitcoin is a new kind of money Bitcoin is no money! It is one of the greatest promoted untruth about bitcoin. Money in the proper sense means a token which can replace the current national fiat money like the coins and currency notes that ordinary citizens can use to pay for the grocery.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks.But it needs 5 men to tell the world that Segwit2x is canceled. So much for no central authority! 3)With Bitcoin, you can be your own bank! How? 4)Bitcoin as a payment system Of course, bitcoins may be transferred between two parties. This by no means make it a "system of payment". A system has meaning only when there is easily identified benefits. There is nothing about money transfer through bitcoins that cannot be done many times more efficiently through our current conventional money transfer directly using fiat money.
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