What is Bitcoin? (What does Bitcoin mean?)

What is Bitcoin? According to btcmanager, what is the “i” in Bitcoin? In recent years, people have become increasingly interested in digital currency and how it relates to the traditional economy. With the development of the internet, the word “blockchain” has become more well-known and used, sparking much discussion. In fact, it has been 8 years since 2009, but currently, there is still no truly encrypted asset that has achieved its goals. For most people, in order to understand themselves as “Bitcoin,” they must understand how it works, what it is used for, and its value proposition.

What does Bitcoin mean?

According to Bitcoinist, what does Bitcoin mean? Actually, we have already introduced it in a previous article.

First, let’s talk about what Bitcoin is. Simply put, it refers to the name of a type of encrypted digital currency. It is a new form of technology that records all transactions on a computer network, known as an electronic cash system. Its characteristic is that it “does not rely on central institutions.” Its origin can be traced back to the 17th century when a person named Satoshi Nakamoto invented this thing on the day it emerged in the late 15th century. The term “Bitcoin” began to become popular, and people referred to it as “peer-to-peer payment.” So many people understand Bitcoin as something that stores value. So why do people call it “Bitcoin”? Because its significance lies in “decentralization,” and the use of “distributed ledger technology” can support these types of smart contracts without the need for any entity or individual to participate. This means that technologies such as blockchain and smart contracts can be widely applied without the limitations of the internet era. Additionally, Bitcoin was designed by cryptographers and mathematicians, such as Edward Holmes Trott, and is more secure compared to traditional databases.