Topic: An Easy way to understand Bitcoin - page 3. (Read 101026 times)

Really enjoyed it man! Couldnt imagine it can be simplified down to this extent. Now I can explain it to my niece. Cheers

thanks for sharing it helped me a lot 

interesting and meaningful subject

To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”

The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software.

It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.
Who created it?

A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.

To this day, no-one knows who Satoshi Nakamoto really is.

In what ways is it different from traditional currencies?

Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

But it differs from fiat digital currencies in several important ways.

By
Aditya Karla

Join this forum and take part actively. You will get to know many things about bitcoins

Earning from bitcoin is little bit tough u will understand slowly as a newbie
This guide really helps Got to know many details.

But want to know more about many things say mining, about altcoins.please provide some threads to easy understand that.

An easy way to understand bitcoins is to follow any of the popular btc related youtube channels

Google, Youtube, here etc. for the high level concepts.

Then get a client, start messing about - concepts will become clear as you start seeing them in action

1> start with collecting bounties from upcoming projects.
2> invest the amount you can afford to lose in BITCOIN itself start with 5K INR
3>read almost all the news related to it as much as possible.
4> done go and explore

easy way to understanding ...great job..salute

Nice! Thanks. I am a newbie too and helped me.

But I think more easy will it be if you search in youtube:)

Sorry I cant open it. The link seems cracked.

They are simply a collection of codes generated by satoshi; using perfect errorless codings and now it has become the most rapid growing currency over the worl

Google it or serach about it in wikipedia. You would get to know a lots of cool stuffs about it. It would be interesting.

Bitcoins are cryptocurrency or curency that are not minted but mined online. They are not based on firm reality platform.

I would say to go to youtube and open a channel named bitcoin talk or something else and look into their introductory clippings; newbies will be helpful.

I have no interests in bitcoins after i had heard about them; and i didnt further researched into the matter; and so i am out of the matter.

BE AWARE OF THE SCAMMERS also

I agree with mahi4ever Jr. Member
Really I want to know more because it not sufficient for me and new person who did not know about bitcoin. You give good example of piggy bank but I think no one any bank (piggi bank) gave more money as bitcoin because, if I purchase that time only one bitcoin 20 or 100 rs and hold it then, I have about 4 to 5 lack amount in my bank (bitcoin wallet). So please tell me how to possible by piggi bank or any bank gave more amount as bitcoin. Please help us.