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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 searched for terms (in response to Google), it is a really technical subject for a lot of people and may get overly technical for non geeks. However, there at the moment are hundreds of cryptocurrencies and more and more persons are starting to wish to get to know how they work presumably driven by a dis trust of bankers, which is an entire completely different discussion.
It is troublesome to get a lay man's clarification without having to use 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 probably can.
The Idea of Fiat money i.e. paper currency, was formulated to make it easier for individuals to make an change for goods or services to replace bartering, as this can be limited to an exchange between two willing parties at greatest, whereas money lets you provide your service or goods, then buy whatever service or goods you require from another or others.
Subsequently, I would argue that Bitcoin is the 21st Century equal to bartering, in that it works as an change for goods or services directly between two willing parties. Bartering had to be based on each promise and trust, to provide and deliver the promised goods or service.
Right now with Bitcoin or every other cryptocurrency every party would wish a novel file or distinctive key to trade the agreed value between every other.
By having a singular key or file it turns into easier to keep a report on each transaction. Nevertheless, this too comes with problems.
Now, bartering is the easy exchange of skills or items as I have already stated, the fashionable 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 on your cryptocurrency/bitcoin purchases and holdings. This is the place 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 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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