This Will Make You Finally Understand Bitcoin

What makes Bitcoin so unique is exactly what makes it so hard to grasp

This is a completely new paradigm for most of us. We are so used to companies selling us something. To governments, banks and financial institutions managing money. How can the printing and distribution of money not be owned by anybody?

I believe this is the most shocking element of Bitcoin for many people. And also the thing that maybe keeps you away from diving deeper, let alone buying some Bitcoin. But there is more.

Understanding this will make you understand Bitcoin.

So computers are running the show now? A network is creating Bitcoins without human intervention? hmm. That’s weird.

It didn't completely start out like this. First, Blockchain technology needed to be invented. A digital ledger to validate transactions. This was a major breakthrough in computer science 10 years ago, the breathing ground for something like Bitcoin to be invented.

The blocks in this ledger validate transactions by solving a puzzle, and the computer or node that solved it gets Bitcoins as a reward. The process of mining.

A guy called Nakamoto created software to have this process running on an ordinary laptop 10 years ago. Now, special equipment is manufactured and complete mining factories exist, especially in China and close to cheap energy.

You see, it already gets complicated here.

All you need to know is this basic information, to understand why Bitcoin is a network. A connected buzzing network of Nodes on the Bitcoin Blockchain doing its work…

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