Blockchain technology (Bitcoin is just one application) can be applied to every facet of the internet and, therefore, our lives. But living in this digital world by relying on a third entity for security and privacy is not very reassuring. However, for any Bitcoin transaction, we don’t need to rely on third parties at all, as it uses cryptographic proof. The entity receiving the digital currency verifies the digital signature, thus ownership of the corresponding private key on the transaction using the public key of the sender. This make the supply of money limited to 21 million — a hard money rule — similar to the gold standard.

Source: Dhaka Tribune May 18, 2017 12:00 UTC