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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Though Bitcoin is without doubt one of the most searched for phrases (in response to Google), it is a really technical subject for a lot of people and might get overly technical for non geeks. Nevertheless, there at the moment are hundreds of cryptocurrencies and more and more persons are starting to need to get to know how they work possibly driven by a dis trust of bankers, which is an entire completely different discussion.
It's troublesome to get a lay man's rationalization without having to use technical phrases such as "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 cash i.e. paper currency, was formulated to make it simpler for people to make an alternate for goods or providers to replace bartering, as this would be limited to an exchange between willing parties at best, whereas cash lets you provide your service or items, then purchase whatever service or goods 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 alternate for goods or providers directly between willing parties. Bartering had to be based on every promise and trust, to provide and deliver the promised goods or service.
At this time with Bitcoin or any other cryptocurrency each party would want a singular file or unique key to trade the agreed value between every other.
By having a novel key or file it becomes easier to keep a file on every transaction. Nevertheless, this too comes with problems.
Now, bartering is the straightforward trade of skills or goods as I have already stated, the fashionable equal, or bitcoin is susceptible 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 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 updated 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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