Blog #10: What is Bitcoin


Blog entry #10

   As this class comes to an end, we only have one last topic to write about, and I chose the one I know the most: Bitcoin. A lot of people hear about bitcoin in the news, but nobody ever seems to know what it is. Is it just a scam or some kind of fake internet money that weirdos use? Bitcoin has been at the top of every news article about money, but what is it? As someone who owns Bitcoin, I will be explaining why I have decided to put my money into bitcoin and whether it is too late to buy it. 

Phot from independent

    Bitcoin is often categorized into fake money or a scam, but if that's so, then why do governments own it? The USA, China, UK, Ukraine, Finland, Germany, and many other countries have some bitcoin, according to bitbo. To figure this out, we need to dig deeper into why we even need money in the first place. Over time, a lot of people tried different forms of currency such as rocks and seashells, but none of them really worked because there were too many and they weren't the rare enough. Then humans discovered precious metals that took physical digging and hard to get which were gold and silver. We started using gold but two main problems appeared. The problems were that it was hard to pay for little things with gold, and moving large amount of money quickly was hard because gold is heavy. To combat this, we started printing dollars that are backed by gold somewhere in a safe. This worked great until we weren't able to trade in our paper for gold anymore so then the government created as much as they wanted. The reason every currency eventually fails is because the people who use it stop trusting it. That is where bitcoin comes in.

    Bitcoin is online currency that is hard to create. To create a bitcoin you have to use real electricity and computing power which costs time and money to do. This means that you can't just fake a bitcoin. Another property bitcoin has is that there will only ever be 21 million bitcoin. That means that bitcoin won't inflate like regular money. Bitcoin can be sent anywhere instantly and can be recieved instantly. Bitcoin is a locked and open source code so it can't be changed and everyone can see the coding behind it. Every single person can see every single transaction that goes through but it it only shows a certain numbers and doesn't show names. You can see every transaction but unless someone tells you what string of numbers they are you won't know who is who. It is like digital cash. Point A can give point B money without them even knowing each other just like cash. This means that bitcoin has all the good properties of gold, cash and digital currency combined in on asset.

    Bitcoin is rare and hard to create digital currency but who knows if the government will allow it to get big because they can't control it. Bitcoin is a currency that can be trusted by people and I believe would be super valuable for civilization. Do you or would you ever consider buying bitcoin.

Comments

  1. AlecDecember 10, 2025 at 10:44 PM

    You did really well explaining a complicated topic like Bitcoin, you connected the familiar history of money which made the concept a lot easier to understand. You had a strong case for Bitcoin's value by highlighting it's scarcity. Overall great post

    ReplyDelete
  2. Destiny MboumbaDecember 12, 2025 at 5:05 PM

    Wow. Our generation is always evolving and chnaging. It was so cool to hear more about this since this is something that's being brought into everyone's life more and more. I always hear about Bitcoin but have never really understood what it was so it was nice that you broke it down. I enjoyed learning more about what interests you. It was a pleasure.

    ReplyDelete
  3. Prof. MurphyDecember 13, 2025 at 8:34 AM

    I'm glad you've been able to use your blog to explore, share, and write about financial topics that interest you. You did a good job of finding the casual/professional balance in your entries this semester. I hope you saw value in the blog project on your own as well.

    ReplyDelete

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