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@ Nicolau Teixeira
2025-05-03 10:31:25Bitcoin is a decentralized digital currency created in 2009 by an individual or group under the pseudonym Satoshi Nakamoto. Unlike traditional government-issued currencies like the US dollar or the euro, Bitcoin is not controlled by any central authority, such as a central bank or financial institution. This innovative feature has made it a focal point of economic, technological, and even social debate in recent years.
Bitcoin operates using a technology called blockchain (which the Bitcoin community increasingly prefers to call "timechain"). It is essentially a distributed digital ledger. The blockchain or timechain records all transactions made on the Bitcoin network in an open and transparent way. Each block contains a set of transactions that are immutably added to the chain once they are verified by miners (miners are basically network participants who use their computing power to validate these same transactions). This ensures security and prevents fraud, as no person or entity can retroactively alter the records.
One of Bitcoin's most notable features is its limited supply. Only 21 million Bitcoins can ever be created, which gives Bitcoin a deflationary nature — unlike fiat currencies, which central banks can print in unlimited quantities. This fixed limit, combined with growing global interest in the technology in general and individual privacy specifically, has driven Bitcoin’s value over time.
Another important characteristic of Bitcoin is that it enables direct peer-to-peer transactions, removing the need for intermediaries. This is particularly useful in cases like international transfers, where Bitcoin can be used to send money quickly and at low cost, without going through a bank or traditional financial services. Additionally, it is seen as a form of financial freedom in countries with unstable local currencies (often due to central banks printing money uncontrollably) or strict state-imposed capital controls.
However, Bitcoin is not immune to criticism — though these are often hollow arguments that mask the personal interests of those making them, whether because they work in traditional banks or brokerages and fear losing "power" or even their jobs, or because they have bad intentions and want to promote their own cryptocurrencies, which are fundamentally worthless (the infamous “shitcoins”). Bitcoin’s price volatility can also pose significant risks for inexperienced users who buy at a certain price and end up selling when the value drops by half, losing at least half their money. On the other hand, many experts view Bitcoin as a technological and social milestone that challenges existing economic models.
In summary, Bitcoin is much more than just a “crypto” or “cryptocurrency.” It represents a revolution — or a revision — in how most people think about money, offering a decentralized, transparent, and censorship-resistant alternative. Although it still faces challenges to becoming widely accepted by some skeptics and by governments worried about losing control over “their” populations (as mentioned earlier), its impact has been undeniable, paving the way for a new era in the global economy and opening many minds to reflection.
Thank you very much for reading this far — I hope you're doing well, and sending a huge hug from your favorite Bitcoiner maximalist from Madeira. Long live freedom!