What is Bitcoin

Bitcoin is the remedy to persistent global inflation and devaluation. Bitcoin is a digital currency and a scarce asset at the same time. It is a currency because you can send it as value to another person or use it to pay for goods and services. It is a scarce asset because it has a fixed, limited supply which cannot be controlled or manipulated. Bitcoin is a financial invention and innovation that is designed to create financial freedom, freedom to transact and freedom to store value. Bitcoin emerged from the ashes of the global financial crisis in 2008 when a group of anonymous coders created a monetary network that would not be centrally controlled by any company or Government. This code which cannot be altered also ensures that the supply of Bitcoin is fixed and can never be more than 21 million. Bitcoin is created through proof of work consensus, a mining mechanism where powerful computer networks all around the world spend energy solving complex mathematical problems to secure and validate the system. At this point you are probably getting a bit overwhelmed so to conclude, Bitcoin is not created from thin air but through a process called mining, there will only ever be 21 million Bitcoins, we dive deeper in How Bitcoin works. The decentralized nature of Bitcoin also eliminates the potential for a single point of failure or supply manipulation, making it more resilient than traditional currencies.

What are Sats

Sats is short for satoshis, which is the smallest unit of Bitcoin. It's named after Satoshi Nakamoto, the pseudonymous person or group of people who developed Bitcoin. One Bitcoin (BTC) is equivalent to 100 million Satoshis. Therefore, satoshis represent a fractional part of a Bitcoin and are to Bitcoin what kobo is to the Naira, or cents is to the Dollar. For instance, instead of saying 0.00005 BTC, you could say 5,000 sats. 1,000 Sats is still 1,000 sats, the same way 1 BTC is still 1 BTC next year and beyond.