Category: 2.Beginner’s Guide to Bitcoin

What is Bitcoin? While “Bitcoin” is usually mentioned as a cryptocurrency, it’s more than that. Bitcoin is actually a system. Like with any system, the Bitcoin system is a collection of elements or components that work together as a whole. Let’s take a look at the different components of Bitcoin. The Bitcoin system is basically just a bunch of computers…

What is a distributed ledger? The first step to understanding how Bitcoin works is to become familiar with the concept of a “distributed ledger“. In the previous lesson, I explained how Bitcoin is a new type of recordkeeping system that Satoshi Nakamoto created to be able to move money around on the internet. Bitcoin is a new kind…

What makes Bitcoin so revolutionary? Why is it often hailed as a game-changer in the world of money? As mentioned in an earlier lesson, a mysterious figure who called himself, Satoshi Nakamoto authored a white paper titled, Bitcoin: A Peer-to-Peer Electronic Cash System. The paper revealed details of creating “electronic” cash” (digital currency) free of control…

What exactly is Bitcoin? Depending on who you ask, the word “Bitcoin” can have many different definitions. And as some start explaining what Bitcoin is, that’s when you’ll typically start hearing tech jargon spewed out. Words like “blockchain” and “protocol”.And phrases like “peer-to-peer networks” and “distributed ledgers”. OMG! Jargon overload! 🤮 It’s easy to feel…

What is Bitcoin? Depends on who you ask. If it’s Warren Buffet, he’d say it’s “probably rat poison squared“. (But then invests in a digital bank that focuses on crypto.) 🤔 Unless you’ve been living under a rock or never leave your sofa and just binge-watch Netflix shows all day long, you’ve probably heard of bitcoin. Bitcoin…