Bitcoin as the internet

Bitcoin
Bitcoin

The Internet is the greatest advancement in human history, which has changed the way people live and work. Many people do not realize that the internet as we know it today, might never have existed because of the number of ‘internet’ rivals’ that were being built at that time. There are certain companies that want to connect all the computers in the world to share information, but on their own systems, so people have to pay to access their own ‘information superhighway’ .

The modern Internet is different, and by design, is an open system that allows everyone to use it at will, and the system is not owned by anyone, so there is no gatekeeper . This leads to what is called ‘permissionless innovation’ – anyone can try new things without asking specific gatekeepers for access . This then led to an explosion of innovation and adoption of the ‘open’ internet, and is something that is very broad and large today. This design also implies that many parts of the internet are interoperable‘- means the internet that I use can connect to the internet used by other people in other countries. This is similar to the use of the global language spoken in the world. Indonesians and Indians will find it difficult to communicate, but if they speak English it will be easier. The internet makes it possible for everyone to speak ‘one global language’.

In other words, Bitcoin is like the internet. For someone, the internet is not owned by anyone, so anyone can use it at will – there is no gatekeeper . This is also known as ‘decentralization’. Bitcoin supports ‘permissionless innovation’ that allows people to build companies and applications on the internet so that the product grows rapidly. Lastly, Bitcoin is interoperable – meaning like email and the internet, my Bitcoin and your Bitcoin all work in the same system, Bitcoin is a global cash transaction, and from a certain point of view, Bitcoin is the world’s first global currency.