Cryptocurrency? Blockchain and mining? Decentralised payment system? What on earth do all these terms mean? We are referring to Bitcoin, a peer-to-peer payment network that uses cryptography to control its creation and transactions, rather than a central authority like a bank. The system uses its own digital currency called bitcoins which resembles cash but is not tied to real-world entities.
Let’s break it down a bit…
Bitcoin is a new payment system and network created in 2009 by an unknown person called Satoshi Nakamoto. You may think why trust a money system when the identity of the creator is hidden? But that is the beauty of Bitcoin. Instead of being asked to supply your personal details over the net, users of Bitcoin can remain anonymous to exchange money or to pay for goods and services. In complete contrast, the other beauty of Bitcoin is that all transactions are completely transparent. Every time users make a transfer of value to one another, it is posted to a shared public ledger called a blockchain where different computers from the system verify the transactions for the users.
Moving forward in this generation where technology has saturated our lives, Bitcoin is becoming a BIG thing. We need to keep ourselves updated with how the world is evolving and how we can become better, especially when our finances are involved.
So how can Bitcoin benefit you?
Presenting our next Me Afterwork workshop – ‘Bitcoin special – This is all you need to know’, our speaker Luke Moroney will be educating his audience on all you need to know about Bitcoin and other cryptocurrencies. Finance systems are often hard to understand, but with a step-by-step explanation of the Bitcoin process, we hope to familiarise you with how this system works and how you can use it to your advantage.
If you are interested in this topic, feel free to join us at our next Me Afterwork Event.