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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Regardless that Bitcoin is one of the most looked for phrases (according to Google), it is a really technical topic for lots of people and might get overly technical for non geeks. Nevertheless, there are now hundreds of cryptocurrencies and more and more individuals are starting to want to get to know how they work presumably driven 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 phrases resembling "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my best to keep things as straight forward as I probably can.
The Concept of Fiat cash i.e. paper currency, was formulated to make it simpler for folks to make an change for goods or services to interchange bartering, as this would be limited to an alternate between willing parties at finest, whereas money means that you can provide your service or items, then purchase no matter service or items you require from one other or others.
Subsequently, I might argue that Bitcoin is the 21st Century equal to bartering, in that it works as an trade for items or services directly between two willing parties. Bartering had to be primarily based on every promise and trust, to provide and deliver the promised goods or service.
Right now with Bitcoin or some other cryptocurrency each party would want a unique file or distinctive key to exchange the agreed worth between each other.
By having a unique key or file it becomes simpler to keep a record on each transaction. Nonetheless, this too comes with problems.
Now, bartering is the simple exchange of skills or goods as I've already stated, the modern equal, 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 secure location to your cryptocurrency/bitcoin purchases and holdings. This is the place the necessity for a hardware wallet comes from.
So now that you've written down/recorded which address holds which quantity of Bitcoins and then up to date 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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