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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Even though Bitcoin is among the most searched for terms (in accordance with Google), it is a very technical topic for lots of people and may get overly technical for non geeks. Nevertheless, there are actually hundreds of cryptocurrencies and more and more people are starting to need to get to know how they work presumably driven by a dis trust of bankers, which is a complete completely different discussion.
It is troublesome to get a lay man's clarification without having to make use of technical phrases resembling "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my greatest to keep things as straight forward as I possibly can.
The Idea of Fiat money i.e. paper currency, was formulated to make it simpler for individuals to make an trade for goods or providers to switch bartering, as this can be limited to an exchange between two willing parties at finest, whereas cash allows you to provide your service or goods, then buy whatever service or items you require from another or others.
Due to this fact, I would argue that Bitcoin is the twenty first Century equal to bartering, in that it works as an trade for goods or providers directly between two willing parties. Bartering had to be based on each promise and trust, to provide and deliver the promised items or service.
Today with Bitcoin or any other cryptocurrency each party would need a singular file or unique key to exchange the agreed value between every other.
By having a unique key or file it becomes easier to keep a file on every transaction. However, this too comes with problems.
Now, bartering is the straightforward exchange of skills or items as I've already acknowledged, the modern equivalent, or bitcoin is prone 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 need 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've got written down/recorded which address holds which amount of Bitcoins after which updated every time a transaction is made, the file is known as "The blockchain" - and it keeps a document of all transactions made with bitcoin.
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