Peer-to-Peer Electronic Cash System
Bitcoin is a decentralized, digital currency that enables peer-to-peer transactions without relying on banks or intermediaries. Think of it as the internet’s native money—accessible, fast, and secure.
What Makes Bitcoin Unique?
Portable: Bitcoin can be sent across the world instantly.
Durable: Bitcoin doesn’t degrade over time like physical cash.
Divisible: Each Bitcoin can be divided into 100 million units (satoshis).
Recognizable: Universally accepted by software and protocols.
Fungible: Each Bitcoin is equal and interchangeable.
Scarce: Only 21 million Bitcoin will ever exist.
Bitcoin as Sound Money
Bitcoin meets all the characteristics of traditional money: it is portable, durable, divisible, recognizable, fungible, and scarce. What sets it apart is its digital nature and its capped supply of 21 million coins, making it immune to inflation and government interference.
Bitcoin is Better
- Fast: Send money globally in minutes.
- Cheap: Minimal fees compared to traditional banking systems.
- Censorship-resistant: No one can stop your transactions.
- Immutable: Transactions are recorded on a tamper-proof blockchain.
- Irreversible: Reduces fraud by eliminating chargebacks.
- Permissionless: Anyone can participate, no bank account needed.
- Borderless: Operates globally, without restrictions.
- 24/7/365: Bitcoin never takes a day off.
The Technology Behind Bitcoin
At its core, Bitcoin is powered by a distributed ledger called the blockchain. It records every transaction ever made in an immutable, secure, and transparent manner.
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Bitcoin’s supply is capped at 21 million coins, ensuring scarcity.
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Miners secure the network and validate transactions using a process called Proof of Work.
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The decentralized nature of Bitcoin means no single entity controls it.
A simplified flow of how Bitcoin works
First, a transaction is created on a computer or wallet between two users. One user uses a public key to receive (via a bitcoin address), the other a private key to sign the transaction to prove they own the Bitcoin being spent. Then that is broadcast to the peer to peer network of bitcoin nodes and enter a pool of transactions. Bitcoin miners receive the transactions from the nodes, verify them, and add then do the work to mine the transactions to a new block on the chain of blocks in the blockchain. The miner to successfully add the block is rewarded with new Bitcoin.
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Bitcoin is transforming the way we think about money. Join Bitcoin Halifax to explore, discuss, and learn more about this revolutionary technology.
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