Bitcoin is a peer-to-peer cash protocol designed to operate without central authorities like governments and banks. Its open-source nature ensures that all its transactions, as well as the issuance of bitcoins, are collectively secured by genius math, cryptography, and network participants called miners. Such a design makes it the most sophisticated, accessible, and transparent money. Anyone with the right skills can participate in its development or build applications on top of it.
Even so, it is not easy to grasp Bitcoin and its implications. Here are some other definitions and analogies of bitcoin according to people who have studied Bitcoin for years.
What Other People Say.?
Native Internet money that’s controlled by no one & accessible to anyone. Rather than trusting an authority to do the accounting, many users run accounting software to ensure nobody cheats. Transactions are secured from reversal by large amounts of energy.
— Jameson Lopp (@lopp) June 1, 2019
Bitcoin is the perfect combination of a peer to peer network and a distributed cryptographic system that weakens the current monopoly of power held by the central banks, central governments, and big corporations that would otherwise have us be slaves of their totalitarian society
— wiz (@wiz) May 13, 2019