So what is Bitcoin practically?

A fungible, durable, digitally recognizable, highly divisible, internationally transferable, open source, peer to peer, decentralized, permission less, trustless, censorship resistant, borderless, most secure, and transparently hard capped scarce digital asset.

In other words: Bitcoin is gold, but way better.

The decentralized nature of Bitcoin:

The ledger of the debits and credit entries of Bitcoin are public (open source) and it is transacted on a decentralized network just like the internet but with a small catch: Its nature eliminates the possibility to counterfeit or copy any data

Because Bitcoin is decentralized there is also:

no single point to attack bitcoin (you can theoretically only cheat the network if your computer has more computer power than the entire network, which is impossible).

no need to trust any ONE person or company for it to work (trustless)

The fact that your transaction cannot be censored because there is no ONE person or company in charge makes Bitcoin censorship-resistant.

Bitcoin is borderless because it doesn’t need to rely on any specific jurisdiction, location or government to work, which also makes it extremely easy to transfer compared to transferring physical gold.

The rules in the protocol of bitcoin states that there will only be 21 million bitcoins ever and since no ONE group or person is in charge and the network in decentralized, the number of total bitcoins cannot be changed, which makes bitcoin a very scarce asset.

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