• My Bitcoin Pitch

MyBitcoinPitch by Felix Herrmann (Salamantex)

Updated: Dec 22, 2019

"Bitcoin is money. Money is something that is usually stored in a centralized server. It is a big ledger that says: these accounts of these balances. In the case of Bitcoin you have the same architecture except for a fact that this is a decentralized system. The system is no central authority.

Why did we create this? The reason it was created it was because we saw that the centralized systems tend to have issues. You have to trust an entity who controls the system. You'd have to even use transparency or auditing which you can't usually rely on.and that led to financial instability. For this reason Bitcoin was invented as alternative, making up a system in which you don't have to trust a central entity.

This system technology is called blockchain. Why blockchain? Because it is just like any other system. It is a big ledger and involves buying blocks which are just limited amounts of data containing just transaction. Money goes from one address to the next address from this address to the next address and those blocks are linked together. That is why you call the technology a blockchain. And that is Bitcoin."

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