What is bitcoin layman terms

Satoshi Nakamoto’s Creation Bitcoin is a relatively new software technology that is known as blockchain. Despite a whopping national debt I believe 12 US aircraft carriers instills a great deal of faith in the US dollar. Your Bitcoin wallet is essentially just like, well, any other wallet. See responses 5.

Please enter the password from your invitation

There were naysayers of course, but on the other end of the spectrum were the early adopters. Bitcoin is so much talked about these days, especially in online forums and Reddit. This, my friends, is the reason Bitcoin Btcoin Day is celebrated every 22nd of May. Everything has changed since. It is officially a fad. Often referred to as internet money, Bitcoin has grown amidst scandals especially the high profile Mt.

Get the Latest from CoinDesk

I have been researching cryptocurrencies for over 2 years, and I would love everyone to know the possibilities this emerging tech brings us. Bitcoin, like most other software technologies, can seem daunting when you attempt to understand it. Well, the same can be said for Bitcoin, but if you do want to know how it works without fighting your way through all the technical terminology, read on. In short, Bitcoin is an open-source, decentralised, independent of any central authority, peer-to-peer, trustless, immutable, cryptographically secure payment network and ledger. Each bitcoin 1.

Satoshi Nakamoto’s Creation

Quick question: what are your greatest fears on cryptocurrencies, Bitcoin to ie precise? Also, if videos speak to you better, then great because we have a Bitcoin series too right.

For starters, I will just briefly describe what Bitcoin is because my assumption is people want to know about Bitcoin more as utility than as a technology so to say. I think those that are interested in the technology already know about it by.

Well, maybe the next question will be what is a crypto currency? We all know what currency is right? So then a crypto currency is the virtual bitcoiin digital version of a currency. This type of currency is generated by computers using cryptography i. The other key quality of crypto currencies is their ease to transfer.

Cryptos remove the need for a third party or middleman in this case a bankbecause you can simply transfer it from peer to peer. For an in depth explanation, you can check this one. Firstly, because Bitcoin is a crypto currency, it means it is very secure remember cyptography? This is meant to increase security by increasing another layer of verification.

The second reason why one should use Bitcoin is because it is boarderless meaning it is no bjtcoin of country or region in which the transactions are being. However, you can send Bitcoin from anywhere to any Bitcoin wallet. Bitcoin is basically governed by its miners. Of course there are the core developers of Bitcoin but they cannot make any changes if they are not accepted by the miners. How you may ask. Well, when the core Bitcoin devs make any changes to the blockchain, miners can choose to accept or reject these changes by either installing or not installing the updated wallet.

Bitcoin is decentralised meaning not one person or specified individuals have full control over it. Now to my fourth and final reason.

Remember I said Bitcoin was boarderless and there was no need for 3 rd party involvement when transferring it right? Guess what that does to the cost of transfer? Yes, it lowers it tfrms the transfer process does not need to be handled by so many extra entities as would our usual currencies. However, the cost of transfer is not fixed since it is determined by the market demand and supply. When there is high demand for Bitcoin transactions often during weekdays or during the day.

Also, the urgency what is bitcoin layman terms the transfer also affects the transaction fees. In fact some Bitcoin wallets allow you to choose the priority of the transfer which will determine tetms cost and the speed of transfer. So briefly, I will do. A Bitcoin wallet is a software program where Bitcoins are stored. They are used to facilitate the sending and receiving of Bitcoins as well as give ownership of the Bitcoin balance to the user.

To read more on these, you can check out this link. The concepts are similar to those we are used to. Bitcoin exchange platforms connect those who want to buy Bitcoin to those who are selling it. In Zimbabwe we do have a Bitcoin exchange called Golix. Golix was previously known as BitFinance or Bitcoinfundi but recently expanded into trading cryptocurrency other than Bitcoin hence the name shift. On this, I will stick to local shops and or companies.

This list is very much subject to change, so it will be updated as and when necessary. So back to my question, what are your greatest fears concerning Bitcoin or any other cryptocurrency??? If anything goes wrong, click here to enter your query. My major concerns with bitcoin are the following:.

Will it create an equal society or its just going to create the same scenarios as the banking. At some point it is going to be regulated and here are a few reasons why.

Majority of rich people are going to buy bitcoin as a safe haven from tax. Revenue leakages will mean gvts cannot deliver services eg infrastructure like roads. At the end of the day i think currencies need to be regulated. Bitcoin is a good initiative but is it sustainable in the long bticoin My view is as long as we have the inequalities in the world, bitcoin will not be sustainable in the long run. It is not accessible to the poor majority in Africa and will only create an elite group of bitcoin millionaires same as the current banking.

But then the same argument can be made for just about hitcoin currency, no? What can the common denominator be for a medium of exchange then? Hi, please check out this link. Yes, you can, layma not directly just. Use a platform called Pursewhere it will allow you to set an order using your bitcoin wnat someone else will buy the product for you. Thanks for flagging that. Now I need to include a section which explains how one can buy a fraction of Bitcoin. Some say bitcoin is like a bubble, like the tunlip.

What if it happens and speculators loose their coins. Skip to content advertisement. Number to recharge:. Airtime amount:. Eco Cash number:. Share 6. If you are student at UZ here is how you can win a new laptop.

My major concerns with bitcoin are the following: 1. I want to know if I can buy from platforms like eBay,alliexpress and Amazon, please explain.

What is Bitcoin, anyway?

They would whst pay via bitcoins. Bitcoin is important because, before it existed, there was no true form of digital gold. Bitcoin is programmable money, which basically means that you can add code to the bitcoins. There are different viewpoints on what this means. You have full control over that apple. Namespaces Page Talk. As I mentioned earlier, the biggest problem Bitcoin solves is the ability to prevent double spending without relying on a central authority. Governments are cracking down on «black markets» that accept bitcoins as a form of payment. The blockchain records every single transaction — of present and past — and the ownership of every whxt bitcoin in circulation. Scarcity of Bitcoin There can only ever be 21 million Bitcoin and whar time of writing, there are just over Do you know what a Dollar or a Euro what is bitcoin layman terms Once a miner has picked up the transaction it cryptographically processes the data and adds it to its other recent transactions. Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. Some articles have Vimeo videos embedded in. Blockchain is a technology to create, store, and manage digital transactions whaf are public, secure, and distributed. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide.