Bitcoin explanation project

Bitcoin Questions and AnswersCategory: QuestionsBitcoin explanation project

Sangha Park asked 9 months ago

Dear Mr Beigel,
Hello. I am a senior high school student who is making a significant project about Bitcoin to graduate. I am trying to make informational video that contains what Bitcoin is, how it works, its usage, types, and characteristics.

Now that I want it to be more delicate, I have a question to you.
What do you think is the most significant feature of Bitcoin that makes it valuable?
Also, if you can tell me any interesting facts about Bitcoin, please share with me. I will be more than thankful.

Sangha Park

1 Answers
Steven Hay answered 9 months ago

Hi Sangha,
I hope you won’t mind my answering for Mr. Beigel. I’ve also been involved in Bitcoin a long time and feel I have a pretty good idea of what makes it special and valuable… In a word: trust.
Our current financial system is built around trust in authorities. We trust banks to keep our money safely, we trust central banks to save our banks if they fail, we trust governments to punish any fraud or wrongdoing…
The major innovation of Bitcoin is that it allows a financial system without trusted authorities. One trusts in the code and the mathematics behind the cryptography which secures the system. Anyone can examine Bitcoin’s code, think about it logically, and decide to trust it or not based on complete information. This is quite a different proposition from trusting people in power, who often prove themselves unworthy of that trust.

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