Let’s breakdown what each of these terms that describe the Bitcoin blockchain really entails. The Bitcoin blockchain source-code is open meaning any developer could review it and suggest improvements if they wish to do so. Open-sourced code also allows people to utilize the building blocks of the Bitcoin blockchain to develop their own blockchain protocols. Open-sourced projects generally allow collaboration en-masse in a scale that cannot be achieved by traditional institutions. Another great example of an open-sourced project is Wikipedia.

It is also public which allows anyone to transact on the network, setup mining nodes or view all the transaction records that has ever took place on the blockchain. Yes, that’s right. Anyone can scrutinize the addresses and amount involved in transactions but will not be able to pinpoint wallet addresses to the owner. So, there’s only a certain degree of privacy that the Bitcoin blockchain in its current form allows. A term often described as ‘pseudo-anonymous’.

Here’s the best part. It is permission-less, meaning that no central authority in the world can discriminate, censor or block you from using the Bitcoin blockchain. This is perhaps why cryptocurrencies may one day bring the over 2 billion people in the world who do not have access to financial services into play. For those who have bank accounts, it promises to cut the cords that bind you to the exorbitant fees charged by the financial institutions.

Closely related the concept above, is the decentralized nature of the network. No one in the world has complete control over the network. It operates in an autonomous way and does what is designed to do: peer-to-peer transactions. Nodes or miners which validates transactions are distributed all over the world and with there being no central point of failure, governments may not have the capacity to shut it down.

With its borderless nature, anyone located anywhere with a wallet address and connectivity to the Internet can safely transact on the network with being limited by jurisdictions or capital control measures. Now, this might seem a place ripe for nefarious activities but frankly which criminal would want their transactions to be public knowledge? In fact, all the misinformation that you might hear about illicit funds are being transferred on the network could be government propaganda to induce fear and scepticism towards this technology. Crypto-currencies in general heralds a new future that is equitable, just and provides the individual greater autonomy.