The answers to your questions may come in handy when talking to annoying bitcoiners or complete illiterates, academics, fiat experts who will convince you that everything is fine with the current monetary system.

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1. What is Bitcoin?

Bitcoin is a decentralised digital currency that allows the transfer of value anytime, anywhere, to anyone. It is based on a technology called blockchain, which allows all transactions ever made with bitcoin to be tracked. It is a currency and a network in one. Bitcoin is limited to 21 million units. It allows ownership of money without the involvement of government authorities or financial institutions, giving individuals full control over their money.

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2. What is Bitcoin and what is bitcoin?

Bitcoin (capitalised) refers to the entire network and protocol, while bitcoin (lowercase) refers to a single unit of digital currency that can be sent and received over the Bitcoin network. Another important difference is in semantics - bitcoin is often used to refer to technology, while bitcoin denotes cryptocurrency.

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3. What is a decentralised network

A decentralised network is a network where there is no single point of control. Instead, the network is made up of a large number of peer nodes that are interconnected and work together to provide the functionality of the network. Each node is allowed to operate according to common rules and within an agreed structure, allowing efficient operation without the need for central management. In a decentralised network, there is no single point that can disrupt connectivity and thus disable the entire network, ensuring greater security and reliability.

 

4. What is an open network?

An open network is a network that is accessible to all who wish to use and contribute to it. This means that anyone can connect to the network and participate in its operation, including contributing to code development, using services such as transactions and data storage, as well as managing and controlling the network. This is the opposite of a closed network, which is only accessible to a limited number of people or organisations that have control over it. Open networks are key to the development of decentralised technologies such as blockchain and cryptocurrencies, as they enable and encourage community participation and the exchange of ideas.

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5. Bitcoin decouples money from the state. What does this mean?

We say that Bitcoin separates money from the state because it is not controlled by any central authority or state. This means that transactions are carried out directly between individuals, without the need for an intermediary such as a bank or a government. Bitcoin allows individuals to manage their money independently, without having to rely on third parties that could impose restrictions or control over their financial assets. This gives individuals greater freedom and control over their finances and protects them from potential abuse and manipulation by centres of power.

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6. How does Bitcoin enable individual sovereignty?

Bitcoin enables individual sovereignty in the way that it allows direct ownership and control of an individual's money, without the need for intermediaries such as banks or other financial institutions. This gives the individual full control over his or her assets and avoids the risk of having his or her assets frozen or seized by the state or other institutions. This means that the individual has greater autonomy and freedom to manage his or her money and can spend or invest it as he or she sees fit, without any restrictions from the state or other intermediaries.

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7. Why is individual sovereignty important?

Individual sovereignty means that each individual has the right to make autonomous decisions about his or her own life, without undue interference from other individuals or institutions. It means that each individual has the right to personal freedom that allows him or her to pursue his or her own desires and goals without sacrificing his or her fundamental rights or values.

Individual sovereignty is important because it guarantees personal freedom, autonomy and self-determination. People can develop their potential and achieve their goals, which contributes to their personal satisfaction and well-being. In addition, individual sovereignty ensures diversity and creativity in society and contributes to progress and innovation.

8. What is money?

Money is information of value that is transferred between users of a network. It is older than writing. It is the means people use to facilitate the exchange of goods and services. Money has three basic functions: as a medium of exchange, a store of value and a unit of account. A medium of exchange means that people can use money to buy goods and services. Storing value refers to the ability of money to retain its value over time. The unit of account means that money allows the value of different goods and services to be compared.

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9. Is the money held by the bank mine?

The money you have in your bank account is not yours because you have deposited it in the bank and thus become its creditor. The bank promises to let you withdraw and use the funds when you need them. You cannot access the funds at any time, but only during the bank's business hours. The bank can use your money for its own business, such as loans to other customers or investments in the stock market. Although banks ensure that your money is safely stored, there is a risk that you may lose some or all of the amount you have invested. Access to your deposit/money is in the hands of the bank and it can stop you from accessing it at any time if it decides to do so according to its own criteria.