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Bitcoin is an internet-native currency that has a variety of characteristics that differentiate it from non-digital money. Crucially, Bitcoin is decentralized by design, meaning that it is not owned or controlled by anyone — it is open, public, and functionally uncensorable. Relatedly, anyone can use Bitcoin and contribute to the collaborative development of its software. Over 10,000 machines around the world (called nodes) run the Bitcoin software that provides the network with its essential functions. Operating across such a vast base makes Bitcoin geographically decentralized — a quality that in turn makes Bitcoin extremely difficult to shut down should any government or organization ever wish to try.

Unlike the U.S. dollar and other fiat currencies, bitcoin is not backed by a government. There is no entity or organization guaranteeing its value beyond the public’s consensus on its value — which is indicated at any given time by the market price of BTC. Some people believe Bitcoin is valuable specifically because it is not controlled by the government. Others are drawn to bitcoin’s fixed supply and highly transparent, automated monetary policy mechanisms. Government-issued currency can be created indefinitely, often driven by political concerns. This often causes problems like inflation and declining purchasing power. In contrast, there will never be more than 21 million bitcoin, and its inflation schedule has been coded into the network since launch.

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