What is bitcoin?
In today’s Exponential Investor:
- Is bitcoin an idea or a technology?Â
- Why do people love it so much?Â
- What even is money?
It turns out that there is not actually a very clear definition for what bitcoin is.
That may be why you, I, or so many people just don’t get why people are so damn excited about it.
Every crypto enthusiast you ask for an explanation gives you a different one.
It’s like gold – but better!
It can replace the crony monetarism of the Federal Reserve and other central banks!
It’s got limited supply so there can’t be inflation!
You can send it across borders so easily!
It’s completely open and immutable, so everyone can see who’s buying and selling what, and how much of it!
It cuts out middlemen, banks, and intermediaries leading to lower fees!
It’s a store of value, and a transactional currency!
But what actually is bitcoin? (more…)