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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 (in keeping with Google), it is a very technical subject for lots of people and can get overly technical for non geeks. However, there are now hundreds of cryptocurrencies and more and more people are starting to want to get to know how they work presumably driven by a dis trust of bankers, which is a whole totally different discussion.
It is difficult to get a lay man's rationalization without having to use technical terms resembling "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my finest to keep things as straight forward as I probably can.
The Idea of Fiat cash i.e. paper currency, was formulated to make it less complicated for folks to make an alternate for goods or providers to switch bartering, as this would be limited to an trade between willing parties at greatest, whereas cash allows you to provide your service or goods, then purchase whatever service or goods you require from one other or others.
Due to this fact, I might argue that Bitcoin is the 21st Century equal to bartering, in that it works as an trade for items or providers directly between willing parties. Bartering had to be based on every promise and trust, to provide and deliver the promised items or service.
At this time with Bitcoin or every other cryptocurrency every party would want a unique file or unique key to change the agreed worth between each other.
By having a singular key or file it becomes easier to keep a file on each transaction. However, this too comes with problems.
Now, bartering is the easy trade of skills or items as I have already acknowledged, the fashionable equal, or bitcoin is vulnerable 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 safe location for 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 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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