Bitcoin vs. Current Money
A Bitcoin, in essence, is a new kind of money. It's a new kind of digital money.
If we look at the classic definitions of what money is, Bitcoin meets, and is well, all the necessary requirements to be considered as such.
- Serve as a means of exchange
- To serve as a standard measure for valuing goods, services or economic activities.
- That it is a reserve of value, that is, that it allows to store wealth and that it is recovered with a degree of predictability.
Bitcoin meets all these money requirements. But older it offers:
- Durability: Computer code cannot be degraded. In addition, blockchain is backed by thousands of computers worldwide.
- Fungibility: Each unit and subunit of bitcoin is treated in the same way.
- Divisibility: Each unit of bitcoin is divisible by 100 million
- Transportable: A bitcoin transaction does not require intermediaries. Confirmation is obtained in 10 minutes and becomes irreversible in 1 hour.
- Non-counterfeit: No one has managed to come up with any solution that will break the encryption system underlying Bitcoin.