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Bitcoin Write for Us

Bitcoin Write for Us

There are hundreds of posts on the web detailing what Bitcoin is, but most still miss the mark. The best source of learning is to read the essay by Dr. Craig S. Wright under the pen name Satoshi Nakamoto.

On October 31, 2008, he published the Bitcoin: A Peer-to-Peer Electronic Cash System white paper. Its purpose is to explain the decentralized electronic payment system based on economics.

The word “Bitcoin” is used only twice in the original white paper (in the title and a link to a web domain) and then describes a system for electronic transactions without trust. The system is controlled by fixed protocols using an immutable blockchain.

The system’s medium of exchange is a digital currency. At its core, Bitcoin is a triadic term that includes fixed protocols, a digital currency, and a decentralized blockchain that forms an electronic money system that functions as a peer-to-peer exchange.

Simply put, the open-source of Bitcoin is available for everyone to see and use.

Why is Bitcoin Revolutionary?

While online anarchists have their readers believe that Bitcoin will overthrow fiat currency, and more sane people believe that Bitcoin is an anonymous, censorship-resistant, and confiscation-free digital currency, both are wrong.

Bitcoin is not anonymous; It is private with an open and immutable ledger. It allows privacy as only the address is public. However, this means that activity at the address can be checked to prevent illegal activity.

Bitcoin’s genius lies more in its economic design than in any technical innovation. The decentralization is done via the fixed protocol. Bitcoin creates a cash system where participants do not rely on an intermediary (like a bank or payment processor) to facilitate transactions.

The protocols should also prevent “double spending” of a currency. Each currency unit is unique and cannot be replicated or destroyed. The system runs on a distributed, immutable network maintained by thousands of funded miners worldwide.

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