Topic: Bitcoin 101: Explain It Like I'm Six (Read 267 times)
Bitcoin is as a virtual currency. There are no physical cash forms, coins, or tokens, they exist electronically. Bitcoin doesn’t need a banking system or government for bitcoin tokens to be created, exchanged, or stored. That's about as best as I can put it simply.
This does not come close to accomplishing what the title would indicate. If I had no information about Bitcoin or I was actually 6, then I would not have a greater understanding of Bitcoin after reading your article. It is by no means comprehensive, complete or really informative in anyway. Regardless of whether or not you claim to have written the article it is appropriate and necessary to source the original material. We have no way of knowing that the author is truly you, and so if it is not an original thought, then you must cite the source. Copy + Pasting material is against the rules, regardless of it being your own material, AFAIK.
Of course, this is not the Bitcoin whitepaper.
Regardless of what you think, the article helped a lot of non-technical people to understand the very basics. Your statement is invalid.
Thanks.
This does not come close to accomplishing what the title would indicate. If I had no information about Bitcoin or I was actually 6, then I would not have a greater understanding of Bitcoin after reading your article. It is by no means comprehensive, complete or really informative in anyway. Regardless of whether or not you claim to have written the article it is appropriate and necessary to source the original material. We have no way of knowing that the author is truly you, and so if it is not an original thought, then you must cite the source. Copy + Pasting material is against the rules, regardless of it being your own material, AFAIK.
In this short article, I will try to describe Bitcoin to you like you're a 6-year old kiddo, line by line.
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
BTC
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
BTC
Copy / Pasted from : https://www.linkedin.com/pulse/bitcoin-101-algorithm-currency-ernest-matta
You must write the source Putting it like your own violates the laws
But it is my own.
Wow great But as you know, we are trying to preserve property rights I thought he was a new member of this I said this I made a mistake before that and published it without mentioning the source Now I'm trying to help people do not like me
I wish you success and welcome with us You will benefit us with your ideas
In this short article, I will try to describe Bitcoin to you like you're a 6-year old kiddo, line by line.
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
BTC
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
BTC
Copy / Pasted from : https://www.linkedin.com/pulse/bitcoin-101-algorithm-currency-ernest-matta
You must write the source Putting it like your own violates the laws
But it is my own.
In this short article, I will try to describe Bitcoin to you like you're a 6-year old kiddo, line by line.
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
BTC
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
BTC
Copy / Pasted from : https://www.linkedin.com/pulse/bitcoin-101-algorithm-currency-ernest-matta
You must write the source Putting it like your own violates the laws
In this short article, I will try to describe Bitcoin to you like you're a 6-year old kiddo, line by line.
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
EDIT:
Source: me
BTC
So let's start.
Algorithm As A Currency
Bitcoin has a number of superior user functionalities such as peer-to-peer connection, relative anonymity, and affordability.
It's a new form of digital cash.
Instead of being released by a central bank, its distribution is controlled by a decentralized network of computers.
This network relies on cryptography and network technology to regulate the supply of Bitcoins and monitor who owns them.
Therefore, Bitcoin is known as a cryptocurrency.
Although Bitcoin uses a ledger, it is kept up collaboratively by the decentralized network of computers.
For that reason, it is also called a distributed ledger.
As new transaction entries are added to this distributed ledger, they incorporate references back to the previous groups of entries.
In this way, all participants can verify for themselves the source and origin of everything on the ledger.
These groups of transaction entries are called blocks, and the whole collection is, therefore, a blockchain.
It’s creator(s), Satoshi Nakamoto, wrote that it was a system of purely peer-to-peer electronic cash which can be controlled completely by the holder.
In addition, it can be sent to anybody without needing a bank’s permission or facing the risk of a confiscation.
Every full participant in the Bitcoin system has a copy of every transaction, arranged in these blocks, going all the way back to the start of the Bitcoin.
Each block is cryptographically linked to the previous block, forming a blockchain that maintains a full history of transactions.
Every copy of the ledger is synchronized by algorithms which are set up to keep “consensus” about the state of the ledger.
However, once a transaction is sufficiently confirmed, it can never be reversed.
Users can access the ledger with different applications on a desktop or a mobile phone.
A Brief Note On Bitcoin Wallets
In order for a user to be able to store and transfer bitcoins, he or she needs a special software called Bitcoin wallet.
A “wallet” is basically Bitcoin’s equivalent of a bank account.
There are two main types of wallets.
A software wallet is one that the user installs on own computer or mobile device.
One is in complete control over the security of coins but these wallets can sometimes be tricky to install and maintain.
2. A web wallet, or hosted wallet, is one that is hosted by a third party.
They are often much easier to use, but you have to trust the provider to maintain high levels of security to protect your coins.
(3.) A third option would be so-called “cold wallets”.
These are basically a small piece of hardware which you can connect to your computer via USB to store your coins offline.
Anyone can get comfortable with the idea of using the bitcoin currency (or any other cryptocurrency).
Just give it a try.
EDIT:
Source: me
BTC
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