What is Bitcoin?
Many people think that Bitcoin is a very confusing thing, but Bitcoin is something that is simple to understand.
If asked what is bitcoin (abbreviated BTC), then the simplest explanation is:
Bitcoin is a decentralized global transaction cash system.
Based on a journal written by the discoverer (reported in Bitcoin.org), actually Bitcoin is:
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
Have you ever imagined how the system of transactions (selling, buying, money transfer) occurred? Yes there is always a third party to mediate, eg: bank (interbank transfer), Visa, Mastercard, Paypal and so forth.
Did you (from Indonesia) ever buy items on Amazon or Paypal? What does the payment system overseas look like? Example of using your existing Visa logo credit card, how about the payment going to work?
as we all know with each financial service provider institution (including banks) must have their accounting books. Certainly there is time, energy and expenses to be incurred in order to run the transaction. That's why we (the customers) are charged extra (charge).
Continuing our initial discussion, what is Bitcoin? Bitcoin replaces and transforms the cashbook system into a global accounting system. Of course the benefits are reducing time and cost.