By sheinix on The CapitalIf you’re a newbie to Crypto, it might not make sense at first, but bear with me, because this invention may become what our society deserves.First, let’s see the main problem that Bitcoin solves:The Double Spending ProblemThe double-spending problem is a classic problem that happens in digital cash systems. Let’s say that you are writing an email to your work colleagues with the new guidelines for an office outfit, you attach a PDF file explaining all the details. Once you send the email, Beth, your lovely receptionist receives the email and opens the PDF, and she sees the exact file that you had on your computer. In the same fashion, when all of your coworkers open the same email, they will have a copy of the file on their computer.This is great, but what happens if you want to send a unique asset? What happens if you want to send money over the internet, for example?We need someone or something that validates that if you send $5 from your account to Beth’s, you don’t have that $5 anymore. You cannot send that $5 to all of your coworkers, like in the PDF file example. You cannot make the same transaction multiple times.That is, basically, why we have banks: We deposit our trust in a centralised entity that keeps a record of all the transactions and avoids double-spending a transaction.Well, now we don’t need banks to do that anymore, because Bitcoin solves that exact problem, without any central authority. Through cryptography and certain elements of game theory, the bitcoin network ensures that we cannot double-spend a transaction.Ok, but what is Bitcoin really?Bitcoin is a peer to peer digital cash system. It is a big ledger with all the transactions replicated through a network that ensures security through cryptography.It’s like a big spreadsheet, and all the transactions are grouped in blocks that are linked with each other through cryptography. This big file is copied on each node of the network, and the copies of the spreadsheet must be the same, so they are constantly trying to reach a consensus of a single truth.Key featuresDecentralisedThere’s no company nor central authority behind Bitcoin, no one dictates who can use it who can’t. No one has the power to shut it down. It’s not owned by anyone.BorderlessBitcoin can be used all over the world wherever you are.Censorship ResistantNo government or institution can stop it, or censor Bitcoin. You can transact with Bitcoin 24/7, all over the world freely.TrustlessThere’s no need to trust in the peers, the network ensures the security of the double spending problem. With banks, you need to trust them, with Bitcoin there’s no need of trust, it’s pure mathematics behind the security.A Bitcoin StoryNow let’s see how this can help our society.Deimer is a Venezuelan, who in 2018, escaped to Buenos Aires, Argentina, with all his savings in Bitcoin (“BTC”) to hide it from authorities because he knew the Venezuelan border patrol usually confiscate money from people who leave the country.Let’s look at Venezuelan inflation in 2018: it was around 3.5% DAILY. Annual inflation rose to 1.7 MILLION %, YES, Million percent. That alone, is a good case for an alternative currency like Bitcoin being present, but there also was a currency control, and no foreign wire transfers through banks or any other “official” way. Then, once in Argentina, the only way Deimer had for sending money back to his family in Venezuela, to help provide them a better life was through Bitcoin.This is just one example of how Bitcoin and cryptocurrencies can help solve real problems, for real people, in the real world. When we look at the big picture, we can see that there are more cases like Deimer’s than we realize.According to the World Bank Organisation and Human Rights Foundation:There are 1.7 Billion adults that don’t have a bank account and don’t have access to financial services.40 competitive authoritarian regimes rule 1.2 Billion people in the world.53 full-fledged dictatorships oppress 2.8 Billion people or 30% of the world’s countries.In some of these countries, there’s no need to explain “Why Bitcoin,” it’s very clear to them. It is the “how” they want to know. Furthermore, most of these people are already on the Internet, which means that with a simple application download, they can immediately become participants in a global economy with no censorship. I hope this gives you a grasp of the level of freedom Bitcoin offers.ConclusionBitcoin is a simple protocol like the internet, it’s not owned by anyone, and can be used by everyone. It’s not a magical solution to all our problems, but I personally believe this is a huge step forward towards a better and more just world. This invention is truly revolutionary, and when we look back, we will see the creation of Bitcoin as a historic moment in the evolution of technology, economy, and society.The Capitalhttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefWhy we need Bitcoin was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.