So, if you’re one of those people who know of Bitcoin, but have no idea what it is or have limited knowledge, this post is for you. When Bitcoin popped up on my radar initially back in 2016, I was honestly scared to even try comprehending it at all. It wasn’t until around the fall season of 2022 that I seriously began to study and appreciate what is was. Since then, I’ve learned a lot and grown confident in my knowledge and ability to explain this post’s big question to a broad audience in a digestible manner. So without further ado, let’s begin!

What is Bitcoin?

Simply put, Bitcoin is a software, network, and new kind of money.

This software is run currently by a decentralized network of computers around the world, creating a system that operates 24/7, 365 with no central authority. The Bitcoin network allows users to send/receive value with each other directly—no intermediary required!

In practice, you never own Bitcoin itself. What you actually hold is a private key—an alphanumeric code (i.e. “1FfmbHfnpaZjKFvyi1okTjJJusN455paPH”—that grants you access to a specific amount of Bitcoin on the network. This system of cryptographic keys ensures that only the rightful owner can access and spend their Bitcoin.

Every transaction on the Bitcoin network is recorded on a public ledger known as the blockchain. As mentioned earlier, this blockchain is maintained by a global network of computers running the network (nodes); this makes it nearly impossible to alter or tamper with past transactions by default.

The Bitcoin network’s security relies on cryptography, which helps create and verify each transaction. Cryptography acts like a digital lock, making sure that transactions are securely protected and nearly impossible to fake or tamper with.

In essence, Bitcoin can be boiled down to a combination of software and a robust network that together enable a new form of money—one that is decentralized, secure, and borderless.

I’ve left below a screenshot from this past August of all reachable nodes running then across the globe. As of now that number has climbed to 20166 discoverable nodes. If you’re curious, I highly recommend you check out this site for more insights and analytics of the bitcoin network.

Global Nodes At the time this screenshot was taken, there were 19361 discoverable nodes all broadcasting transactions to eachother across the globe.