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How To Understand Bitcoin?
A Guide On How To Understand Bitcoin And Cryptocurrency?
Although Bitcoin is without doubt one of the most looked for terms (in line with Google), it is a really technical subject for a lot of people and can get overly technical for non geeks. However, there at the moment are hundreds of cryptocurrencies and more and more people are starting to want to get to know how they work presumably pushed by a dis trust of bankers, which is an entire completely different discussion.
It's troublesome to get a lay man's clarification without having to use technical terms resembling "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my greatest to keep things as straight forward as I presumably can.
The Concept of Fiat cash i.e. paper currency, was formulated to make it easier for folks to make an change for goods or services to interchange bartering, as this could be limited to an change between willing parties at finest, whereas money permits you to provide your service or goods, then purchase whatever service or goods you require from one other or others.
Therefore, I would argue that Bitcoin is the twenty first Century equal to bartering, in that it works as an exchange for goods or companies directly between willing parties. Bartering had to be based mostly on every promise and trust, to provide and deliver the promised goods or service.
At the moment with Bitcoin or any other cryptocurrency every party would wish a novel file or unique key to alternate the agreed value between each other.
By having a singular key or file it becomes easier to keep a report on each transaction. Nevertheless, this too comes with problems.
Now, bartering is the easy exchange of skills or goods as I have already said, the trendy equal, or bitcoin is prone 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 where the necessity for a hardware wallet comes from.
So now that you've written down/recorded which address holds which amount of Bitcoins after which updated every time a transaction is made, the file is known as "The blockchain" - and it keeps a record of all transactions made with bitcoin.
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