In the modern age, humans have evolved in various ways. The once primitive society is now a fully grown industrialized world. As time pass, humans develop more and more ways to use these technologies to improve mankind’s life. To solve humanity’s case of the hassle of bringing a huge sum of money on a physical wallet, Bitcoin, a virtual currency, was created.
Bitcoin is described as the first decentralized digital currency, and is used by more than 100,000 people all over the world. This is a form of digital currency that users can send over the internet. Users are able to shop, spend, eat, or even pay bills, even without the presence of a physical wallet. Through Bitcoins, it becomes easier to buy that collector’s item in eBay, or deliver a pizza at Domino’s, or even claim that long-awaited program by Microsoft. There are thousands of retail stores all over the world that accept bitcoins as payment methods, mainly because it is as easy as sending an email to a friend. As time passes, these stores are gradually increasing due to its flexibility in design and coinage system.
Bitcoin is Peer-to-Peer
The network is made up of various users that use Bitcoins are the medium of exchange for thousands of goods and services. The system is created as “peer-to-peer”, meaning that computer users can transact directly, even without the use of an intermediary for both parties. Transactions are recorded in the network via a public ledger called the ‘block chain’, just in case either party would want to review it. This also means that the fees would be much lower for both sender and receiver, compared to transacting using a bank account or a financial institution. Since these are virtual coins, users are able to send and receive them all over the world in very little time. Just like how an email is sent in a blink of an eye, Bitcoins are also sent in the same speed to anyone all over the world.
Bitcoin as Open Source Software
Bitcoin is open-source software that is free for public manipulation. It is a type of software that users can freely review or modify to improve its system features. It contains a ‘source code’ which users can use to manipulate to change how a certain application works. In simple terms, this is the code used to create the whole program, and can be checked and modified by various computer users. This is so the system would be enhanced, not just by its creators, but also by using the creative minds of the public.
The creation of such a system is for the advancement of mankind. Now, there is no need to bring your hundreds of dollars on your pocket, just to be able to buy that dazzling dress you wanted. Through the widely accepted medium of exchange called Bitcoins, trading becomes easier, faster, and hassle-free. Life becomes easier if you have your money in your hands, minus all that hassle in putting them in your purse or your bank account.