Many individuals think Bitcoin to be extremely complicated, when in fact it's a lot more basic and user-friendly than exactly what the majority of people think. This series aims to help everyone get a grasp of the fundamentals, and in time likewise present more learning chances for those that want to know more.
Bitcoin is frequently explained by comparing it to something particular people currently know, but this is typically what produces a great deal of confusion. Bitcoin is a new technology that is unlike anything we have seen before, so a better method to consider it is as a combination of a few different things we are already utilized to:
First of all, since it permits you to move money so quickly, Bitcoin operates as a payment system, similar to bank transfers or credit cards, just a bit much better.
Second, Bitcoin remains in some sense much like gold - that is why many people even describe it as 'digital gold' or 'Gold 2.0'. Consider it as using gold for money, other than it also very easy to move.
Third, Bitcoin resembles the internet in that no bachelor or entity controls it, so anyone can basically use it as they like. This provides it some really distinct attributes.
These 3 attributes likewise strengthen one another, so they are all interwoven. But more on all of this in the next few areas. In the meantime, just imagine exactly what would take place if you took a huge pot and included a charge card, a piece of gold, and a tip of 'internet' - blend all of it up - and take out a brand new substance - Bitcoin!
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