Bitcoin Beginner Series EP.1 What is Bitcoin?

What is Bitcoin? And why is the whole world interested?

Recently, Bitcoin has once again garnered attention due to the launch of Bitcoin ETFs and several countries beginning to accumulate Bitcoin as reserve assets. This might lead many to wonder: What is Bitcoin? Why is it so popular? And should we be interested in it?

If you're a beginner looking to understand Bitcoin in a simple, straightforward way, this article will guide you from the basics to safely getting started with Bitcoin.

What is Bitcoin?

Many people may have heard the word Bitcoin and have different understandings. Some think it's digital money, some are confused whether it's related to blockchain, or even mistakenly believe it's a pyramid scheme. Some say Bitcoin is just hot air! But in reality...

Bitcoin is "a decentralized financial system that allows people to send value to each other without needing an intermediary." This means that no bank, no government, or any organization can control it. 

Bitcoin was created in 2009 by an anonymous person using the name Satoshi Nakamoto and operates on blockchain technology, which is a transparent and secure system. This makes all transactions verifiable and impossible to falsify.

Now that you understand the meaning of Bitcoin, let's look at its advantages compared to the money we use every day.

How is Bitcoin better than traditional money?

• Limited Supply – Only 21 million coins, "period."
• Borderless – Transfer money anywhere in the world quickly.
• No Intermediary – No need for banks or any institutions.
• You are the true owner – No one can control or close your account.

In short: Bitcoin is "decentralized digital money" and money that truly allows you to own your assets. However, there are precautions for Thais that need to be understood.

Warning: In Thailand, the use of Bitcoin as a medium for payment for goods and services is not yet permitted by law. Although investing in Bitcoin is legal, users should study the relevant regulations thoroughly before making a decision.

Now that we understand the nature of Bitcoin, the next question many people wonder is, "Why do we need Bitcoin?" when we already have Thai Baht or US Dollars.

Why do we need Bitcoin?

Currently, traditional money (Fiat Currency) such as the US Dollar or Thai Baht can be printed in unlimited amounts, leading to inflation, or a decrease in the value of money over time. Imagine that 50 Baht 20 years ago could buy much more than 50 Baht today. That's because of inflation. 

This is unlike Bitcoin, which has a limited supply, making it similar to "digital gold" that can be used to preserve value in the long term (store of value) without being eroded by inflation.

Furthermore, Bitcoin allows everyone to access the financial system without needing a bank account and protects against the risk of government interference. In some countries where currency has collapsed, such as Venezuela or Lebanon, Bitcoin has become a solution for people to preserve their wealth.

Now that you understand what Bitcoin is and its benefits, the next question is, "How can we get Bitcoin?" Please follow up with EP2.