Bitcoin can seem rather daunting if you try to understand it. But the basics are quite easy to understand, and the truth is you don’t need to understand everything about it.
You probably don’t know exactly how Internet protocols work but you can surf the web. No doubt, Bitcoin could be quite a bit more important than the Internet. It’s the Internet of money after all. So, for Bitcoin in layman’s terms, read this short explanation.
In short, Bitcoin is the soundest, hardest money ever created. No doubt gold is sound money, but nobody knows exactly how much gold there is. With Bitcoin we know exactly how many there are now, how many there will be tomorrow and at any given time in the future.
It’s not just sound money. It’s a network of trust built on an open-source, decentralized, peer-to-peer, trustless, immutable, cryptographically secure, payment network and public ledger.
For more see the Bitcoin for Beginners Infographic:
If you don’t know much about Bitcoin, you’re not the only one. It is a young and nascent technology. If you want to know more about it, you’re not the only one either.
Bitcoin is growing in popularity, and many huge institutions are spending a lot of money within the Bitcoin space. With governments recently announcing unlimited Quantitative Easing, Satoshi’s vision seems to be more real than ever.
Nobody wants financial meltdown, but at least we now have another option. At least now we have Bitcoin.
- ELI5 Bitcoin – Explain Bitcoin Like I’m Five
- Things You Should Know Before Buying Bitcoin
- How To Buy Bitcoin
- Why We Need Bitcoin
- Bitcoin In Layman’s Terms
Author: Tommy Limpitlaw