What is Bitcoin? He gave a near-perfect answer before the US Congress.

The Coin Center in Washington, DC is a non-profit research and lobbying organization. Its main goal is to focus on cryptocurrencies and national policy issues facing Bitcoin and Ethereum's decentralized computing technologies. They want to make more people aware of these technologies and hope to help build a regulatory environment that will help the free development and innovation of public blockchain technology.

With this goal in mind, the organization has established links with a number of professional scholars and experts to regularly disseminate blockchain technology and bitcoin to decision makers and the media.


(Coin Center Research Director Peter Van Valkenburgh, image source: YouTube )

In October last year, at a hearing in the US Congress, Coin Center was once again invited to share information about blockchain and bitcoin. During the meeting, Peter Van Valkenburgh, head of research at Coin Center, gave a clear and easy explanation of Bitcoin's definition.

This video, which was recorded by Van Valkenburgh, has been widely spread on social media and has received a lot of praise. For the definition of Bitcoin, Nakamoto may have a clear explanation in the white paper, and when it comes to people who have no technical background or know nothing about Bitcoin, describe them to Bitcoin and its creation. The value is hard.

Van Valkenburgh took an important step for us:

Thank you for your opportunity to talk to you this time. My name is Peter Van Valkenburgh and I am the head of research at Coin Center. Coin Center is an independent, not-for-profit organization that focuses on national policy issues involving cryptocurrencies and public blockchain networks.

So what is bitcoin? Bitcoin is the world's first cryptocurrency, and it works because of the world's first public blockchain network. So what can Bitcoin do? Very simple. It allows you to complete the process of sending and receiving funds with anyone from anywhere in the world, and only one networked computer is needed for the entire process.

So why is bitcoin revolutionary? Because unlike other tools that send money over the Internet, bitcoin does not need to trust a middleman. The operation of the company does not require the corresponding enterprise means that Bitcoin is the world's first public digital payment infrastructure. The disclosure I am talking about here means that everyone can use it and not for any single entity.

We do have an open infrastructure, including information, websites, and email infrastructure. This is the Internet. But our only public payment infrastructure is cash, paper money. Cash can only be used in face-to-face transactions.

Before the birth of Bitcoin, if you wanted to make a remote payment via mobile phone or the Internet, you could not use the public infrastructure. You must rely on privatized banks to add information such as debits and credits to their books through their books. If the parties to the transaction do not use the same bank, then multiple banks are required to open multiple books.

With Bitcoin, the ledger is a public blockchain that anyone can use to transfer their bitcoin to others. Regardless of a person's country, race, religion, gender, or credit history, they can create a bitcoin address at a fraction of the cost, thereby accepting payments in digital form.

Bitcoin is the world's first public currency to be used globally. Is Bitcoin perfect? of course not. But when it was born in 1972, the email was not perfect. Bitcoin is not the best currency in all areas, nor is it widely adopted globally. It is not a common pricing unit and is not always a stable value-preserving item, but Bitcoin really works.

The operation of Bitcoin does not require a trusted intermediary, which is amazing, which represents a major breakthrough in computer science. It is vital to freedom and human prosperity, just as the Internet was born.