Bitcoin
Sept 27, 2023 · 5 min read
I’m writing this article to offer those close to me at least one reference in their personal/social network that understands Bitcoin.
Disclaimer: This is not a recommendation to invest in Bitcoin. I am not a financial advisor, and any actions you might take based on information presented in this article are done so at your own risk. Bitcoin is still considered by many as a speculative asset. As with any investment, DO NOT invest more than you are willing to lose.
Why should Bitcoin interest you? To start off, watch this brief video...
There's a specific alternative to our current financial system that I'd like to propose. It's called Bitcoin.
What is Bitcoin?
Bitcoin isn't about getting "rich" like many might think, though early adopters might become so. It's about reforming our financial system to be more transparent, flexible, and just.
The 2007–2008 financial crisis was the most severe worldwide economic crisis since the Great Depression. Who was to blame? Greed, corruption, and the modern financial system.
Bitcoin's origin story is almost mythical at this point. To keep it simple, Bitcoin was born out of the ashes of the 2008 financial crisis.
Thousands took to the street to protest for financial reform and economic equality in the Fall of 2011. Inspiration and motivation for this event was derived from an increasing awareness of a broken financial system, as was exposed in the aftermath of the 2008 financial crisis.
In the wake of a worldwide financial meltdown, an unknown person (or group) named "Satoshi Nakomoto" published a white paper in October 2008 on a new peer-to-peer electronic cash system. Shortly afterwards, that system was officially launched in January 2009 and has been in operations ever since. That system is Bitcoin.
Bitcoin Whitepaper.pdfBitcoin is a store of wealth and currency for our modern day – one that is fairer and far more valuable than any before – and it is an alternative to a failing financial system.
How Does Bitcoin Work?
Bitcoin is a large (and sometimes complex) topic. Here is a brief and engaging video from one of my favorite educators that simply and elegantly lays out how Bitcoin works under-the-hood, though you don't need to know all of these details to use Bitcoin.
How to Use Bitcoin?
There's a lot of different ways on how you can use (e.g., Earn, store, spend) Bitcoin, but one of my preferred ways is through something called the "Lightning Network". As a quick overview, here is an introductory video to the Lightning Network:
If you would like to learn more, you can check out the original white paper on the Lightning Network below.
lightning-network-jacoblyman.com.pdfWhere to Learn More
The Bitcoin Standard.pdfIf you found any of my content helpful, please consider donating
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