The Hash

The Complete Guide to Blockchain and Cryptocurrency

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4/5

Bitcoin is divisible to 8 decimal places. The smallest unit for bitcoin is 0.00000001 BTC, also known as a satoshi. This was named as a tribute to the creator of Bitcoin, Satoshi Nakamoto. This means that you do not need to send or own 1 whole bitcoin.

#BTC

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1/5

4. Highly Fungible, Durable, Portable, and Divisible

Fungibility is a concept where things are mutually interchangeable. Bitcoin is fungible because each bitcoin can be easily replaceable with another bitcoin.

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3/5

Bitcoin is incredibly portable. You can bring your entire net wealth with you wherever you go with just the private keys. This is significant especially to people who live in countries without a stable government.

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5/5

This means that no one fully owns or controls Bitcoin. No entity—not even governments—can annihilate Bitcoin’s existence.

#Bitcoin
#cryptocurrencies

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1/5

3. Open-Source, Transparent and Decentralized Ledger

The Bitcoin protocol, the set of code that powers the Bitcoin network, is released under the MIT License more popularly known as open-source software.

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4/5

Anyone who tries to unilaterally manipulate the data on their ledger will be known immediately because their ledger will not be similar to the ledger maintained by everyone else.

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5/5

Bitcoin is freedom.

#BITCOIN
#cryptocurrencies

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1/5

2. Permissionless, Peer-to-Peer System

Traditional way of sending money is relying not only on banks, but on variety of intermediaries, third party financial institutions and service providers. This way of sending money has inefficiencies, and companies may charge a fee.

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4/5

With this control, no one can freeze or revoke our assets without our permission. The power goes back to individuals. Anyone can now engage in the transfer of value and economic activity with another person, without any third party permission, hence the term "peer-to-peer".

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3/3

Bitcoin is also similar to gold in the sense that it has to be mined into circulation. However, unlike gold, which needs to be mined physically in actual ores, bitcoin is mined digitally. This is why bitcoin has often been referred to as “digital gold”.

#BITCOIN
#Crypto

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1/3

1. Clearly Defined Monetary Policy

A crucial characteristic of bitcoin is that it is a decentralized currency, unlike fiat currency which is controlled by a centralized authority such as a central bank.

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2/3

A key feature of Bitcoin is its scarcity—there will only ever be 21 million bitcoins in circulation. This cap is final and cannot be altered. Bitcoin differentiates itself from traditional fiat currency with its limitless supply.

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These are some of the core characteristics of Bitcoin which makes it unique:
1. Clearly-defined monetary policy
2. Permissionless, peer-to-peer system
3. Open-source, transparent, and decentralized ledger
4. Highly fungible, durable, portable, and divisible
5. Digital money

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Over the next 7 days, we will be exploring Bitcoin, the biggest cryptocurrency by market capitalization. Bitcoin is the first cryptocurrency, now over 13 years old, but that does not mean it's too late to learn about Bitcoin and its implications for the future.

#Bitcoin
#Crypto

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Ethereum derives its name from Ether, a hypothetical invisible medium that permeates the universe and allows light to travel.

#ethereum #ether