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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Though Bitcoin is one of the most looked for terms (in line with Google), it is a very technical topic 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 need to get to know how they work probably driven by a dis trust of bankers, which is a whole completely different discussion.
It is tough to get a lay man's clarification without having to use technical terms equivalent to "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 money i.e. paper currency, was formulated to make it less complicated for people to make an alternate for goods or companies to replace bartering, as this could be limited to an change between two willing parties at greatest, whereas cash allows you to provide your service or items, then buy no matter service or goods you require from one other or others.
Therefore, I'd argue that Bitcoin is the twenty first Century equal to bartering, in that it works as an trade for goods or services directly between willing parties. Bartering had to be primarily based on every promise and trust, to provide and deliver the promised goods or service.
Right this moment with Bitcoin or every other cryptocurrency each party would wish a novel file or unique key to change the agreed value between every other.
By having a unique key or file it becomes simpler to keep a report on every transaction. Nevertheless, this too comes with problems.
Now, bartering is the simple exchange of skills or goods as I have already stated, the modern equivalent, or bitcoin is susceptible to security breaches, i.e. theft or hacking of files, this is where a "cryptocurrency wallet" comes into the equation to secure your transactions.
Basically you need a safe location on your cryptocurrency/bitcoin purchases and holdings. This is where the necessity for a hardware wallet comes from.
So now that you've got written down/recorded which address holds which quantity of Bitcoins and then up to date each time a transaction is made, the file is known as "The blockchain" - and it keeps a file of all transactions made with bitcoin.
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