Bitcoin is essentially a computer file stored in smartphones and computers created in 2009. It is
a payment source to another entity electronically in lieu of actual money (i.e., dollar, yen, ruble).
According to bitcoin.com, “it is the first decentralized peer–to-peer payment network that is powered by
its users with no central authority or middlemen (Bitcoin, 2020).” To those owning bitcoins it is
essentially cash. How can bitcoin cash be both dollars yet have no monetary value in a cash world?
Bitcoin true form is nothing but data but has a surprising value in a cash world. The difference
between crypto-currencies and cash is that there is no identity linked to the owner of a bitcoin. That
means nobody actually owns the bitcoin network and it is controlled by the actual users within the block
chain public ledger. This provides the payee safety because payments are not linked with their sensitive
personal information such as credit card, debit card, or bank account numbers which keeps them free
from fraudulent activity and identity theft.
