Talking about the basic essence of Bitcoin, it is impossible to ignore the theme of the genius of its creator, known under the pseudonym Satoshi Nakamoto. It is not known why he decided to watch from the sidelines the triumph of his brainchild, but originality is inherent in people with non-standard thinking. So what is the essence of Bitcoin? Why was it created?

Cryptocurrency is electronic money that is becoming more and more popular. But at the same time, a significant number of cryptocurrency users do not know what the essence of Bitcoin is.

Cryptocurrency, according to ill-wishers, is just a failed experiment and will cease to exist in the near future. The position of the opponents (traditional financial institutions and official authorities) is quite understandable. After all, digital money undermines the foundations of the flawed financial system of our time and is the mainstay of global economic and financial freedom.

Bitcoin, despite unequal competition, survived. He continues to successfully fight against the vicious practices imposed on the inhabitants of the planet by banking and credit institutions, which have created a criminal conglomerate with official power structures.

 

How do I use Bitcoins?

The popularization of cryptocurrency took place gradually. Thanks to the intrigues of opponents, who deliberately created an information vacuum around the mysterious phenomenon for the average man in the street, Bitcoin has only recently gained mass popularity. But the main essence of Bitcoin is its ubiquity and practicality.

It is known that cryptocurrency does not have a physical embodiment. It "lives" and develops in the vastness of the virtual world, and is not subject to control by various regulators. One of the main functions of Bitcoin is to ensure the free movement of financial flows without any restrictions (transaction volumes, territorial and time barriers, predatory intermediary services).

The only thing that is needed is to open the electronic wallet and work with it at your own discretion. The essence of a Bitcoin wallet is to reliably protect the funds stored on it. This is achieved due to the confidentiality of any data other than the private address. Even information about completed transactions can be kept secret.

 

How reliable is the system

One of the main points that define the essence of Bitcoin is reliability and security.

It is almost impossible to get this currency bypassing the mining process. At least the leading cryptographers currently rule out this possibility.
To obtain unauthorized access to someone elses wallet, you need to select a suitable pair from the private and public keys. It will take more than one decade to do this.
Critics of Bitcoin do not want to figure out what their essence is, they do not understand how only one payment operation can be made with each unit of this cryptocurrency, since any transaction must receive at least six confirmations. Due to this, the maximum security of payment transactions made with the use of Bitcoin is ensured.
The main essence of the Bitcoin system and, at the same time, the advantage lies in its decentralization. There is no single center that collects information about users, their wallets and the amount of funds on them. There is such information, but it is stored in the computers of the cryptocurrency owners themselves.

Cryptocurrency mission

And yet, the core essence and purpose of Bitcoin is to transform todays flawed financial system. Cryptocurrency is a kind of symbol of financial freedom. It opens up unprecedented opportunities thanks to innovative blockchain technology - the basis of its financial strength and stability.

It should be expected that the cryptocurrency, which has developed into an instrument for the reliable preservation of savings, will acquire the status of an official exchange medium on a global scale and will be widely used by the inhabitants of the planet for everyday needs. This is exactly what the brilliant Satoshi Nakamoto intended.