Bitcoin Explanation My Elderly Mother Understands

By November 13, 2017My Blog

What is Bitcoin?

Bitcoin is a new and mostly unexplored topic for most people, just as the internet was in the early 1990’s.

Trying to understand this new technology can feel daunting at first, but like anything when it’s broken down into small,

bite sized chunks it’s easily digested. You shouldn’t need to quit your day job to begin learning about Bitcoin and Blockchain Technology but you will need around 5 minutes each day and a willingness to learn about this fascinating new technology. We’ve put a 4 part Basics of Bitcoin series together to help you answer questions like How did Bitcoin start? Who controls Bitcoin? Is Bitcoin secure? What determines the price of Bitcoin?

If you would like to learn more click the link below.

if you want to learn how to build a Bitcoin business go here  

Bitcoin is not like anything we’ve encountered before.

Bitcoin is part cash, you can use it to pay people for goods and services all around the world.

Bitcoin is part commodity, people use it as a store of value like gold and diamonds.

Bitcoin is also part bank, although you don’t need a bank account to use it, you can download an app and begin storing, sending and receiving funds.

Bitcoin is also part global payment system. Bitcoin is transferring funds 24/7 with no business hours or public holidays.

You can send Bitcoin to anyone, anywhere in the world just as easy as messaging a friend on whatsapp.

Bitcoin has no national boundaries and is exchanged directly from person to person, automating the role of a bank with blockchain technology.

No one company or organisation owns Bitcoin, its ‘ownership’ is distributed among users and Bitcoin miners.

Bitcoin works by borrowing private computers from all around the world to update the same list of accounts. This addresses one ancient challenge of finance: how to make sure a transaction between two people located far apart is credible?

These private computers are owned by Bitcoin miners and each have a master copy of all the transactions that have taken place on the Bitcoin Blockchain, since day 1.

Every 10 minutes this record is updated with transactions that have just taken place. Using tamper proof cryptography, other miners can quickly check whether or not these new transactions are credible on their local device.

The Bitcoin Blockchain then randomly rewards one of the Bitcoin miners with newly minted Bitcoins. This encourages other miners to keep their records up to date which adds security to the network as they never know when they might receive a reward.

Bitcoin is not like anything we’ve encountered before. Bitcoin is digital technology enabling a global currency that doesn’t require a central bank or national government to operate.

Bitcoin is a new and mostly unexplored topic for most people, just as the internet was in the early 1990’s.

Trying to understand this new technology can feel daunting at first, but like anything when it’s broken down into small, bite sized chunks it’s easily digested.

You shouldn’t need to quit your day job to begin learning about Bitcoin and Blockchain Technology but you will need around 5 minutes each day and a willingness to learn about this fascinating new technology.

We’ve put a Bitcoin 101 video series together to answer questions like

How did Bitcoin start?

Who controls Bitcoin?

Is Bitcoin secure?

What determines the price of Bitcoin?

 register for free here and contact me via email mstokes118@gmail.com

regards

Mark

usi tech

Author Mark Stokes

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