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How To Understand Bitcoin?

 

A Guide On How To Understand Bitcoin And Cryptocurrency?

 

 

Though Bitcoin is likely one of the most searched for terms (based on Google), it is a really technical subject for a lot of people and can get overly technical for non geeks. However, there are actually hundreds of cryptocurrencies and more and more persons are starting to need to get to know how they work presumably driven by a dis trust of bankers, which is a whole totally different discussion.

 

 

It is difficult to get a lay man's explanation without having to make use of technical phrases comparable to "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my best to keep things as straight forward as I possibly can.

 

 

The Concept of Fiat money i.e. paper currency, was formulated to make it easier for individuals to make an exchange for items or services to exchange bartering, as this can be limited to an alternate between two willing parties at finest, whereas money means that you can provide your service or goods, then purchase no matter service or items you require from one other or others.

 

 

Therefore, I would argue that Bitcoin is the twenty first Century equal to bartering, in that it works as an exchange for items or providers directly between willing parties. Bartering had to be primarily based on each promise and trust, to provide and deliver the promised items or service.

 

 

Immediately with Bitcoin or any other cryptocurrency each party would want a singular file or distinctive key to change the agreed value between each other.

 

 

By having a unique key or file it becomes easier to keep a report on each transaction. Nevertheless, this too comes with problems.

 

 

Now, bartering is the easy change of skills or goods as I've already said, the fashionable equivalent, or bitcoin is susceptible to security breaches, i.e. theft or hacking of files, this is where a "cryptocurrency wallet" comes into the equation to safe your transactions.

 

 

Basically you want a safe location in your cryptocurrency/bitcoin purchases and holdings. This is where the need for a hardware wallet comes from.

 

 

So now that you have written down/recorded which address holds which quantity of Bitcoins after which updated every time a transaction is made, the file is known as "The blockchain" - and it keeps a file of all transactions made with bitcoin.

 

 

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