What was the first internet currency

The world of bitcoins

philosophy

A decentralized currency

Digital currencies are more than just a payment system. They embody the revolutionary idea that a decentralized currency should be possible without the influence of the state and banks. Bitcoin, as the first and best-known representative of the new "crypto currencies", is consistently digital, decentralized and forgery-proof.

Bitcoin combines the advantages of online payment systems and a decentralized currency such as gold, after which Bitcoin was modeled. Bitcoin disenchants all centralized currency systems because it offers an alternative to today's monetary system. Bitcoin is based on math, cryptography, and the innovative blockchain technology that many consider to be the most important technological discovery since the Internet.

The Bitcoin network is independent of individual market participants and is therefore not dependent on the existence or availability of individual companies, organizations or states and is freely accessible to everyone in the world. Its value is based on fixed, transparent rules such as a strictly limited amount of money that cannot be increased at will and voluntary acceptance by its users and not on the decree of political actors.

While the citizens of the industrialized nations are threatened by the Damocles swords “zero interest rates” and “cash prohibition”, the overwhelming majority of people in developing countries have no access to their own bank account and are thus completely excluded from the global economy.

Bitcoin, on the other hand, is freely accessible to everyone, regardless of origin, income, religion or gender. All you need is an internet connection, some software and you can use the network to make worldwide payments across all national borders.

Bitcoin acceptance points

Here you can find a map with all Bitcoin acceptance points depending on the country, city and area: coinmap.org

What is bitcoin

Bitcoin - a remarkable achievement

Bitcoin is a remarkable achievement. Creating something that cannot be copied in the digital world is of enormous value.

Eric Schmidt, former CEO of Google

Digital currencies like Bitcoin have the potential to fundamentally change our financial system. Away from a closed system, which is dominated by a few centralized institutions, towards an open and decentralized system. Just as the internet has revolutionized our lives and our society, Bitcoin will lead to another revolution - for the financial system and our lives.

One global currency

Bitcoin is a decentralized, digital currency and the first truly global payment system. In a few moments you can send money directly from person to person worldwide without the need for an intermediary (such as a bank). A payment, e.g. B. from Austria to Indonesia is just as fast, safe and easy as paying in the café around the corner.

Bitcoin knows no borders and can also be used by people who do not have a conventional bank account. Bitcoin offers people from all over the world a common platform to process financial transactions with one another. Bitcoin is therefore often referred to as the first world currency.

In contrast to conventional money, Bitcoin is not issued centrally, but managed by a peer-to-peer network. Everyone can participate and no central authority can control Bitcoin. Bitcoin is therefore independent of the availability or existence of individual companies, banks, organizations or states.

Bitcoin is digital gold

Bitcoin is often referred to as "digital gold" because bitcoins are limited in quantity and cannot be increased at will. Gold has been used as the ultimate store of value and secure payment for millennia and has outlasted many nations and currencies.

This is mainly because it has some important properties, including quantity limitation, counterfeit protection and divisibility. Bitcoin transfers these and other properties into the digitized world and has thus developed into a new form of store of value in the digital age. The assets are secured through the stringent use of cryptography in conjunction with blockchain technology.

The Bitcoin markets are very liquid, so Bitcoin can be exchanged for euros, US dollars and other international currencies on hundreds of trading platforms and online exchanges around the world. There are also around 300,000 merchants worldwide who accept Bitcoin as a means of payment.

Benefits of Bitcoin

Bitcoin are freely accessible to everyone, the only requirement is internet access. Transfers are visible in a matter of seconds and completed after approx. 10 minutes. Sending and receiving Bitcoin is possible worldwide and at any time. The Bitcoin network knows no national borders or holidays. Bitcoin are independent of government control and the traditional monetary system.

Bitcoin users have full control over their funds. Bitcoin cannot be sent or withdrawn from third parties. Bitcoin are limited to a maximum total of 21 million pieces.

The quantity limitation offers opportunities for appreciation, so Bitcoin is an interesting investment and investment medium. Bitcoin transactions work without the transmission of sensitive data and private information. Bitcoin are "open source"; the entire set of rules is transparent and publicly available to everyone.

The creation of money in the Bitcoin system does not take place through a central instance, such as a central bank, but decentrally and is therefore less prone to manipulation. States, corporations or politics cannot intervene in the system and devalue the currency by bringing more money into the money cycle. Limiting the Bitcoin money supply offers the greatest possible protection against money supply inflation.

Bitcoin offers a possible hedge against possible financial crises. A Bitcoin credit remains unaffected by interventions such as negative interest rates or excessive money creation. Nobody, except the owner himself, has access to his own Bitcoin credit. The number of daily Bitcoin transactions is steadily increasing. Should Bitcoin continue to expand as a technology, there will also be an increasing demand for Bitcoin. The share price development over the last few years underlines this trend.