A Guide On How To Understand Bitcoin And Cryptocurrency?
Regardless that Bitcoin is likely one of the most searched for phrases (according to Google), it is a very technical subject for a lot of people and can get overly technical for non geeks. However, there are actually hundreds of cryptocurrencies and more and more persons are starting to want 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 make use of technical terms comparable to "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my greatest to keep things as straight forward as I possibly can.
The Idea of Fiat cash i.e. paper currency, was formulated to make it simpler for people to make an trade for goods or services to switch bartering, as this can be limited to an change between willing parties at best, whereas cash lets you provide your service or goods, then purchase no matter service or goods you require from one other or others.
Subsequently, I'd argue that Bitcoin is the 21st Century equivalent to bartering, in that it works as an change for goods or companies directly between two willing parties. Bartering had to be primarily based on every promise and trust, to provide and deliver the promised items or service.
Right now with Bitcoin or another cryptocurrency each party would wish a singular file or distinctive key to exchange the agreed value between every other.
By having a unique key or file it turns into easier to keep a file on each transaction. However, this too comes with problems.
Now, bartering is the straightforward change of skills or items as I've already said, the trendy equal, 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 secure your transactions.
Basically you need a safe location to your cryptocurrency/bitcoin purchases and holdings. This is where the need for a hardware wallet comes from.
So now that you have written down/recorded which address holds which amount of Bitcoins and then up to date every 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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