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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 looked for phrases (in accordance with Google), it is a really technical topic for lots of people and can get overly technical for non geeks. Nevertheless, there are now hundreds of cryptocurrencies and more and more persons are starting to need to get to know how they work probably pushed by a dis trust of bankers, which is an entire different discussion.
It's difficult to get a lay man's explanation without having to make use of technical terms resembling "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my greatest to keep things as straight forward as I presumably can.
The Idea of Fiat money i.e. paper currency, was formulated to make it simpler for individuals to make an alternate for goods or companies to interchange bartering, as this would be limited to an exchange between willing parties at greatest, whereas money lets you provide your service or goods, then buy no matter service or goods you require from another or others.
Therefore, I'd argue that Bitcoin is the 21st Century equal to bartering, in that it works as an alternate for items or services directly between two willing parties. Bartering had to be primarily based on each promise and trust, to provide and deliver the promised goods or service.
As we speak with Bitcoin or another cryptocurrency each party would want a unique file or unique key to alternate the agreed value between every other.
By having a novel key or file it becomes easier to keep a report on every transaction. Nonetheless, this too comes with problems.
Now, bartering is the simple change of skills or goods as I have already said, the modern equivalent, or bitcoin is vulnerable 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 secure location to your cryptocurrency/bitcoin purchases and holdings. This is the place the need for a hardware wallet comes from.
So now that you've written down/recorded which address holds which amount of Bitcoins and then updated each time a transaction is made, the file is known as "The blockchain" - and it keeps a report of all transactions made with bitcoin.
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