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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.

  1. Serve as a means of exchange
  2. To serve as a standard measure for valuing goods, services or economic activities.
  3. 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.

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