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What is Bitcoin?


September 14, 2020 ( Newswire) You've probably heard about it by now, but what is Bitcoin exactly? Most people understand that it's some form of digital currency, but the truth of what it is, what it isn't, and all the things it could possibly achieve is much bigger than just that.

Dr. Craig S. Wright, under the pseudonym Satoshi Nakamoto, first announced Bitcoin to the world in his 2008 whitepaper, Bitcoin: A Peer to Peer Electronic Cash System. In it, he described a decentralized electronic payment system using blockchain technology. In it, he introduces a blockchain with publicly viewable transactions, immutable ledger for everything to be recorded on, making it a system where peers can interact with each other without relying on trusting the other, or a third-party privately controlled solution.

Bitcoin is the name of the token or currency used to pay the transaction processors to record on this ledger, it is also used to describe the network and protocol it works on. Although it functions as a currency, what makes it revolutionary is the ledger it must work on. All actions using Bitcoin are publicly recorded on it, removing any fear of deals being done under the table or data being manipulated without anyone knowing the data has been changed.

21 million Bitcoin's were created and issued when Satoshi launched the first client software, restricting its supply. That means, unlike fiat currency, Bitcoin is not managed by any government or central bank. This is why it is considered decentralized, no one is in charge of the protocol, it is set in stone. Inflation is controlled by restricting the supply of Bitcoin paid to the "nodes" as known as "miners" or "transaction processors", who enforce the rules of the protocol and solving complex mathematical problems with specialized computer hardware.

Unfortunately, many people didn't understand what Bitcoin was meant to do, and thought they could use it anonymously to buy and sell legally questionable items, or merely invest in it as a speculative asset. When Dr. Wright stepped away from the Bitcoin project, developers intentionally kept the Bitcoin blockchain from scaling, reducing its usefulness by increasing congestion and network fees, and dissuading legitimate businesses from adopting it for revolutionary new applications.

Bitcoin SV has returned Bitcoin to the original vision of the 2008 whitepaper by allowing it's blockchain to massively scale and strictly adhering to the original protocol designed by Dr. Wright. Bitcoin SV already has the largest block sizes of any public blockchain, and has the eventual goal of terabyte sized blocks. Bitcoin SV will not only be able to handle all the transactions of users and businesses, but also their data, opening up the possibilities for many new business applications on blockchain.

With a stable protocol, businesses can build with confidence knowing that Bitcoin SV will not suddenly change. And thanks to it's massively scaling block sizes, Bitcoin SV is fast and keeps transaction fees to less than a penny, while also opening up the possibility for a usable micropayments network. With everyone using Bitcoin for everything it truly becomes a record of truth for the world.

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