@jonascreighton
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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Despite the fact that Bitcoin is among the most searched for phrases (according to Google), it is a very 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 people are starting to need to get to know how they work presumably driven by a dis trust of bankers, which is a complete different discussion.
It is difficult to get a lay man's rationalization without having to make use of technical terms 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 less complicated for people to make an change for goods or services to replace bartering, as this would be limited to an exchange between willing parties at greatest, whereas money means that you can provide your service or items, then buy whatever service or items you require from another or others.
Therefore, I would argue that Bitcoin is the twenty first Century equal to bartering, in that it works as an change for goods 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 another cryptocurrency every party would need a novel file or distinctive key to trade the agreed worth between each other.
By having a singular key or file it becomes simpler to keep a report on each transaction. Nonetheless, this too comes with problems.
Now, bartering is the easy alternate of skills or goods as I have already acknowledged, the fashionable equal, or bitcoin is inclined 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 want a secure location to your cryptocurrency/bitcoin purchases and holdings. This is where the necessity for a hardware wallet comes from.
So now that you have written down/recorded which address holds which quantity of Bitcoins after which up to date every 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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