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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Despite the fact that Bitcoin is without doubt one of the most searched for phrases (in accordance with Google), it is a really technical topic for lots of people and can get overly technical for non geeks. Nonetheless, there are actually hundreds of cryptocurrencies and more and more people are starting to want to get to know how they work possibly pushed by a dis trust of bankers, which is an entire different discussion.
It is troublesome to get a lay man's explanation without having to use technical terms corresponding to "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 money i.e. paper currency, was formulated to make it easier for individuals to make an change for goods or providers to interchange bartering, as this could be limited to an trade between willing parties at finest, whereas money permits you to 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 equivalent to bartering, in that it works as an change for goods or services directly between willing parties. Bartering had to be based on each promise and trust, to provide and deliver the promised goods or service.
Immediately with Bitcoin or some other cryptocurrency each party would need a unique file or distinctive key to exchange the agreed worth between every other.
By having a novel key or file it turns into easier to keep a record on each transaction. Nevertheless, this too comes with problems.
Now, bartering is the easy exchange of skills or items as I have already said, the trendy equivalent, or bitcoin is prone to security breaches, i.e. theft or hacking of files, this is the place a "cryptocurrency wallet" comes into the equation to secure your transactions.
Basically you need a safe location in your cryptocurrency/bitcoin purchases and holdings. This is the place the necessity 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 each 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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