The first decentralised cryptocurrency
Bitcoin is an intangible, digital currency which makes use of advanced cryptography to secure the safety and privacy of the transactions being made on a daily basis. Since it is digital, it is much easier to store and transport than physical cash; imagine storing your wallet on a USB or even on a chip implanted into your hand!
It also means that one can send money worldwide, with no applicable exchange rates, extremely low transaction fees and transaction times of up to ten minutes.
The beauty of it all is that this is not a centralised, government-issued currency under strict monetary controls, but a decentralised, peer-to-peer currency derived from an open-source software and built on a trust-based, consensus system known as the blockchain. Sounds like a mouthful? It is, but we’ll break it down in the next sections.