What is ?
SATOSHI'S GENIUS
Bitcoin is ALL of the following:
A decentralized, distributed ledger
A payment system
And the value itself being transferred
Outside of Bitcoin, creating money (issuance) and accounting (tracking received/spent money) is centralized and includes the following layers:
Various central bank money issuance
Either digital or written, account books
Trusted parties entering values into the account books
Trusted parties physically securing account books or managing computer databases
Trusted parties working to prevent hacks on databases
All of these layers are now integrated together!
This may seem centralized, but Satoshi's genius reversed this.
100% decentralized!