Bitcoin can seem a little daunting if you attempt to understand it. So we will explain bitcoin in layman’s terms.
For the average person, trying to make sense of the Bitcoin whitepaper isn’t easy, and isn’t even necessary.
Some say it’s just as difficult, and at times worrying, to use as to understand, but for those who would like a general idea of how it works.
This post unravels the technicalities and utilities of Bitcoin and helps digest the most exciting innovation of the century by explaining bitcoin in layman terms.
Bitcoin in Layman Terms and Where It Come From?
In layman’s terms, Bitcoin is the soundest, hard money ever created.
First it is an open-source, decentralized, independent of any central authority. Furthermore, it is a peer-to-peer, trustless, immutable, cryptographically secure, payment network and public ledger.
The underlying technology is now known as a blockchain. This is a digital chain of blocks, each connected to the previous one.
The blocks store every single transaction and a new block is added to the chain roughly every 1 minute.
Each bitcoin 1.00000000 is divisible by one hundred million, and each of these units 0.00000001 is known as a satoshi.
The bitcoins are a reward paid out to people who use their computing power to mine the blocks that make up the blockchain.
A lot to digest? Let me explain. Read More…