What is Bitcoin? Why is it special? Posted on April 3, 2021 by jonathan Bitcoin is the OG cryptocurrency. But what is a cryptocurrency and why should I care? Find out in this episode. What is a cryptocurrency? A cryptocurrency is a type of digital money, especially one that uses cryptography and decentralization to make sure that you can only spend each unit once and that you can only create new units after performing some service to the community. You might ask, “But if I use digital US dollars already, what benefits do I gain by using crypto?” There are many problems with the US dollar, which crypto can solve. Since this episode is an introduction, I will focus on Bitcoin—the “original gangsta”—and the solutions and limitations which it offers. First, let’s analyze fiat currencies, like the US dollar, the euro, and the Chinese yuan. Fiat Centrally controlled. Potentially unlimited quantity (think: inflation). Total quantity is tied to arbitrary dec...