Bitcoin as a currency, a network, and a technology

[Felicity_Tide]

When the word Bitcoin is mentioned, the first thing that comes to the mind of so many of us is money or digital currency. Of course, that's true, because it happens to be a big part of the fundamentals of Bitcoin, but is that all Bitcoin is about?, No it's not.

In today's world, and with how Bitcoin has grown, much focus has been heavily channeled to Bitcoin as a currency, with less concern for other possible fundamentals that have made Bitcoin what it is today. only a very few still show interest in these areas because they are certainly the backbone_{(if I must call it that).}

You don't necessarily have to understand how these other fundamentals works in detail, but at least, having a clue shouldn't be a tedious task for every suppose bitcoiner. A few fundamentals I can think of are...

Bitcoin as a Technology....
Do you think the sats that you've been spending all this while are just some random currency?, no they're not. Bitcoin is entirely a technology of its kind that combines several trending technologies like Blockchain, Cryptography, PoW, etc.  A few of these technologies like Cryptography, existed before Bitcoin I guess, but they're still widely used today.


Bitcoin as a network.....
These are practically things we've heard about. Aside the actual codes and computation, Bitcoin as a network simply involves the consensus protocol(rules) that is meant to be followed, Nodes that broadcast your transactions, and miners who also play a heavy part in the network by picking valid transactions and including them in a block.

Bitcoin as currency....
To so many Bitcoiners, this is the area that concerns them the most. well, there is nothing absolutely wrong with focusing on this part, but the question is, how well do you understand Bitcoin as a currency?. You should understand that it goes far beyond regular means of exchange. It has been identified as a store of value, act as a unit of account, and also divisible into smaller fractions called sats.

Just as we all are focused on the monetary side of Bitcoin, let's not forget that Bitcoin's existence is not tied to currency alone. It is a revolutionary technology and a network as well. I actually use the fundamental because they're core principle behind the Bitcoin you and I love so much.

[Mia Chloe]

~snip

The network part is what I like the most. It's called a decentralized network because everyone in control. When we talk about The Network there are key things we focus on depending on what context we are trying to buttress. Technically the network are the nodes the transactions and the Blockchain as a whole. However based on an economic view the network actually is also we the users.
 
There are a lot of reasons why bitcoin still remains at the top till today and one major one is because of how the network was built to use scarcity as an edge to improve value which was possible via halving.

[Obim34]

Bitcoin as a Technology....
Do you think the sats that you've been spending all this while are just some random currency?, no they're not. Bitcoin is entirely a technology of its kind that combines several trending technologies like Blockchain, Cryptography, PoW, etc.  A few of these technologies like Cryptography, existed before Bitcoin I guess, but they're still widely used today.

When it comes to the aspect of Bitcoin Technology, the pseudonymous nature is what makes it interesting.

Bitcoin as a network.....
These are practically things we've heard about. Aside the actual codes and computation, Bitcoin as a network simply involves the consensus protocol(rules) that is meant to be followed, Nodes that broadcast your transactions, and miners who also play a heavy part in the network by picking valid transactions and including them in a block.

Those who earn from mining Bitcoin are those who can speak fairly about this aspect.

When the word Bitcoin is mentioned, the first thing that comes to the mind of so many of us is money or digital currency.

I would replace what comes to mind when i hear Bitcoin as a digital currency to Bitcoin as a Digital Investment. The currency feature hasn't helped me much (we all still use banks and fiats) like i need to witness my investment appreciate and still counter attack inflation.

[Ambatman]

A few of these technologies like Cryptography, existed before Bitcoin I guess, but they're still widely used today.

They did. And Bitcoin is the first that brought them together to form a successful decentralized money.

with less concern for other possible fundamentals that have made Bitcoin what it is today.

That's because all these are secondary and I prefer the usage of money than currency
Since it sounds broader.

because they are certainly the backbone(if I must call it that).

Bitcoin as a decentralized money
Bitcoin as a means of self sovereignty
Bitcoin as a public ledger
Bitcoin as a deflationary asset
Bitcoin as a commodity.

However based on an economic view the network actually is also we the users.

Economically anyone that plays a role in it's running makes the network
Miners, dev, nodes, users, wallet developers among others.

Those who earn from running nodes and mining Bitcoin are those who can speak fairly about this aspect.

Nobody earns from running a node.

[Amphenomenon]

The finance is often put first because that's what the majority sees but the other aspects are important and a building block for Bitcoin also.

I love the aspect of technology the cryptography and the likes involved in it.

Bitcoin as a network.....
These are practically things we've heard about. Aside the actual codes and computation, Bitcoin as a network simply involves the consensus protocol(rules) that is meant to be followed, Nodes that broadcast your transactions, and miners who also play a heavy part in the network by picking valid transactions and including them in a block.

Those who earn from running nodes and mining Bitcoin are those who can speak fairly about this aspect.
[/quote]
Nobody earns from running nodes, rather earns from mining bitcoin and we know miners do run nodes but not all nodes are ran by miners.

Those who participant in this regards are often in support of the decentralized state of bitcoin and they don't do this because they are going to earn something rather for thr love/belief in Bitcoin, they are highly important.

[Odohu]

I got a new perspective from this post especially on the part that Bitcoin is a network and if you expatiate on this, it means each of us that buy Bitcoin is part of the network. Never have we seen in the history of man, a currency in which every holder is part of the network that makes it. Come to think of it, If I'm able to acquire 1BTC and decide to hold it in my wallet, that amount is deducted from the fixed supply of Bitcoin and cannot be replaced... what this mean is that every single holder of Bitcoin is important and play a crucial role in the future of Bitcoin. The is the true meaning of equity, fairness, democracy and indeed freedom.

[Hustle2025]

From the moment the word "Bitcoin" is mentioned what comes to the mind of people is cryptocurrency, which shows or tell's that it is a currency (digital currency).
When one go into research and findings in order to get the true and complete knowledge about Bitcoin, it could be discovered or ascertain that Bitcoin is not just a currency, but also a network and a technology.

Bitcoin as a cryptocurrency; Bitcoin is a digital currency, that is independent ( decentralized) and operates without financial institutions and government. It can be used for buying and selling and also a store of value ( digital asset)

Bitcoin as a Network; Bitcoin is network of global computers which are interlinked by nodes which verify and maintaining transaction.

Bitcoin as a technology; Bitcoin is great technology and innovation, that is built on Blockchain technology, which enable transparent and secured transaction.

[Felicity_Tide]

Come to think of it, If I'm able to acquire 1BTC and decide to hold it in my wallet, that amount is deducted from the fixed supply of Bitcoin and cannot be replaced... what this mean is that every single holder of Bitcoin is important and play a crucial role in the future of Bitcoin. The is the true meaning of equity, fairness, democracy and indeed freedom.

All thanks to the ledger for making this visible.
And not just an ordinary ledger, but the one that forms a chain, making every previous blocks immutable(difficult to alter or make changes), and the entire ledger transparent and distributed. The truth is, there are so many interesting concepts to be learnt.

I sometimes wonder how a single person could come up with such an idea combining several fundamentals/ideas together into something so powerful and revolutionary.

Bitcoin as a decentralized money
Bitcoin as a means of self sovereignty
Bitcoin as a public ledger
Bitcoin as a deflationary asset
Bitcoin as a commodity.

There are literally so many concepts under these fundamentals, and thanks for providing a few that I never thought of adding.

[Crypto_Timothy]

Just as we all are focused on the monetary side of Bitcoin, let's not forget that Bitcoin's existence is not tied to currency alone. It is a revolutionary technology and a network as well. I actually use the fundamental because they're core principle behind the Bitcoin you and I love so much.

Very true there are alot other opportunities in Bitcoin than just the monetary aspect, this is why it is advised to always research first before investing or taking financial decision in Bitcoin.

The other day someone raised a topic about how you can start in Crypto without money and i totally support that idea because there so many other problems Bitcoin can solve aside just financially, i like how you brought out the technology and networking, it makes it alot easier to see at glance

[Nathrixxx]

Just try bitcoin and know that it has many opportunities you could get from it, this ranges from your privacy, the profitability and many other assisted benefits from the first post by OP, you can't just avoid Bitcoin in cryptocurrency because it is the reason why we have what is called crypto and everyone being independent with their finances, if you're tired with a government controlled financial system, then you go into crypto and embrace bitcoin for your ultimate financial freedom which you deserve but will never be given except it is taken.

[Finebone]

, if you're tired with a government controlled financial system, then you go into crypto and embrace bitcoin for your ultimate financial freedom which you deserve but will never be given except it is taken.

The truth of the matter is that Bitcoin and Fiat is greatly needed in a society, because you can't use only Bitcoin to do business in the country, you need both of them, and they should be used accordingly.
Most people in this crypto space are only interested in the investment benefits Bitcoin brings, that's why we have more holders of it, but the main purpose of Bitcoin creation is to use it as a medium of exchange, for buying and selling, so until Bitcoin is generally accepted by all institutions in the country, Fiat will also be very important and instrumental to our various businesses.