Bitcoin Basics: The phenomenon explained in plain english

Bitcoin Basics: The phenomenon explained in plain english 1
bitcoin Basics

You may have heard of Bitcoin on the news, from a friend, or even in an idle conversation, but what is it really?

Bitcoin is a new paradigm for money and value exchange. Underpinned by a novel technology developed by an anonymous author that threatens to forever change the global financial landscape, few events in human history have been discussed in such depth and yet so seldom understood.

In Bitcoin Basics: The Phenomenon Explained in Plain Text, we take you through a crash course on how Bitcoin – and cryptocurrencies in general – could change our world as we know it.

Starting in ten parts, our series will give you a basic understanding not only of what Bitcoin is, but how it works, where it can be obtained, and whether it will be legal tender in the future!

Table of Contents

Part one: what is Bitcoin?

In the first part we dive headlong into Bitcoin and unpack this new financial paradigm piece by piece. In this article, we’ll define Bitcoin, describe what the blockchain is, and unpack how and when Bitcoin started.

Part two: how does Bitcoin work?

Bitcoin uses new technology and a network of computers around the world to function. In the second part, we examine the process by which Bitcoin works by unpacking the mechanics of the blockchain and evaluating what the parties should know when using Bitcoin.

Part three: what is bitcoin mining?

Bitcoin mining refers to the process by which bitcoins are created and enter the system. In the third part we examine how this process works and whether Bitcoin mining is actually profitable.

Part four: will Bitcoin fail?

In Part Four, we discuss the likelihood that Bitcoin will fail given its emergence as a novel technology and its threat to centralized financial sectors. We are also investigating whether Bitcoin is inherently a commodity bubble and whether Bitcoin itself is a scam.

Part Five: Is Bitcoin Legal?

The regulatory attitudes are shifting towards Bitcoin and cryptocurrencies. In part five, we examine whether Bitcoin is legal and provide case studies of how various governments and financial regulators approach Bitcoin and other cryptocurrencies.

Part six: is bitcoin money?

Bitcoin is designed to function as a scarce digital asset. In part six we examine whether – and how – Bitcoin fulfills the most important use cases and properties of money. We are also evaluating several major online providers who have accepted Bitcoin as an offer.

Part seven: how much is a bitcoin worth?

In Part Seven, we reveal how the value of Bitcoin is determined by the investment and usage of its community, and how it is officiated by the distribution of new Bitcoins in the market through the mining process.

Part Eight: How Can I Buy and Sell Bitcoin?

There are several ways to get Bitcoin. In part eight we discuss how to receive Bitcoin as payment for services or goods rendered, receive it as a gift, try to buy it at an exchange or custodian of your choice.

Part Nine: How Can I Store Bitcoin?

In part nine we examine how investors can store Bitcoin and which special types of wallets are best – and give an overview of desktop, mobile, hardware and paper wallets.

Part 10: Why Should I Invest in Bitcoin?

In the last entry in Bitcoin Basics: The Phenomenon Explained in Plain Text, we examine why Bitcoin warrants an investment and how it could change the world forever.

The article Bitcoin Basics: The Phenomenon Explained in Plain Text first appeared on Coin Insider.

Relevant news

Be the first to comment

Leave a Reply

%d bloggers like this: