What is Bitcoin? (In 2 minutes)

– [Narrator] Most of us think about money Like colored paper rectangles, like cache. But the truth is, money is constantly evolving. We used to trade chickens and cows To pay for goods and services. Then solid gold coins came along Which was followed by the paper currency that we use today. But the thing is, our money is being controlled By banks and governments. On the surface it works just fine However, there are some problems with this system That gives you less control over your money Than you might think. Since our money is just paper, Governments can devalue it By printing more and more cash, Make every dollar you own worth less or even worthless.

Although banks may appear safe, The financial crisis of 2008 showed us Just how risky the system can be. The bottom line is when your money is in the bank It is not really yours. Enter Bitcoin, which is a completely new type of digital money You do not need any central authority to operate. Instead, Bitcoin is transferred directly between people Without going through a bank or a third party of any kind. Advanced encryption secures your system Which means that your money is controlled by you alone. Individuals all over the world have summoned prospectors To review and validate transactions This makes fraud impossible. The ultimate goal? An open financial system that allows anyone, anywhere To participate in our global economy.

Here's why Bitcoin is up to the task. It is rare. Only 21 million will exist. It is fast and cheap to use. It is universal, so you can use it anywhere. With Bitcoin, sending money across the world Not more expensive or time consuming Than sending money to your next-door neighbor. If you have internet access, you can use bitcoin. The Internet has reinvented the way we share information. This makes it global, instant, and accessible to everyone. In the same way, Bitcoin is reinventing money itself. Inspiring innovation and transforming Our global economy as we know it. Want to know more? Join us at Goodbit101.com..

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