The concept of currency is over 4,000 years old. It simplified the buying and selling of goods and services and, to this day, represents virtually all methods of monetary exchange in the world.
For centuries, as governments emerged, new currencies were created. Yet even as the physical appearance and value of the currency may change, the fundamental concept has remained the same: a government or central authority will issue a currency, while the people using these currencies have almost no control over how their currency is created or managed.
In all these years, currency always required one thing: a central authority. Now, for the first time in 4,000 years, this has changed.
Bitcoin has enabled the future of money – giving power to the people and bringing us all a step closer to a decentralized, global economy.
It is an entirely new currency. But unlike the US dollar, the euro, the yen, or any other modern currency, there is no central authority. It is decentralized. It knows no borders, it is not a legal entity, and nobody controls it.
The power of Bitcoin is giving power to the people.
As there is no central authority, no one can suddenly declare that bitcoin is no longer valid or that some denominations are no longer accepted. No one can deduct fees from your account, put a hold on your account, or freeze your funds. You can send money to anyone in the world, without restrictions, and you do not have to worry about inflation or how your government chooses to manage its currency.
For the first time in history, people are able to have a currency that is not dependent on their government or banks. Never before has this been possible.
The breakthrough that made all this possible is the blockchain. To find out what a blockchain is and how it works, check out the next section on Blockchain Technology.