Bitcoin explained easily

Bitcoin is still a thing But has also suffered some big drops on the way up. A digital currency. Instead, transactions happen through a peer-to-peer network.

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Content:

• The Basics about Cryptocurrency
• PODCAST: Bitcoin Explained with Tyrone Ross
• Explaining Bitcoin in Simple Terms
• Bitcoin: What is it?
• Understanding cryptocurrency: Everything a beginner needs to know
• Cryptocurrency: What You Need To Know Now
• Explained | What are bitcoin mixers, and why are they used?
• Super Simple Bitcoin Explanation
• Bitcoin Explained – Chapter 8: How to buy and use Bitcoin

WATCH RELATED VIDEO: How Cryptocurrency ACTUALLY works.

The Basics about Cryptocurrency

Bitcoin is still a thing But has also suffered some big drops on the way up. A digital currency. Instead, transactions happen through a peer-to-peer network. You could use your middle school screen name if you want.

Welcome to the Wild West of the Interwebs. Not code for Tetris. In other words, the blockchain is the digital ledger that makes Bitcoin legit. Bitcoin was created in by a mysterious person or persons? Now, the Bitcoin network is so big it consumes as much electricity each year as Finland, by one measure.

It can be. Silk Road — an online drug market that was busted several years ago — traded in Bitcoin. But there are also a lot of non-shady companies that accept Bitcoin now. Including Microsoft, Paypal, and Shopify.

You have to mine for it. Mining is when computers on the network crunch through a set of puzzles. Whoever wins gets rewarded with new bitcoins and a metaphorical gold star. Or you could always just buy them from someone. How do you feel about roller coasters? But all the talk about it may have you considering investing. There are a lot of possibilities, and a lot of question marks, surrounding Bitcoin.

Sound familiar? This is the way people felt about the Internet in the early 90s. And look how that turned out. Before you buy into the hype, make sure Bitcoin fits your overall financial plan. Updated Jan. Every Friday, we break down the news and info you need to make smarter money decisions. Published on: Jan 6, fb-round twitter-round email-round.

Design: theSkimm Photo: iStock. Start from the beginning. What's Bitcoin? How is this allowed? Want more Skimm Money? Share fb-round twitter-round email-round.

But is it smart?

PODCAST: Bitcoin Explained with Tyrone Ross

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it's used and its history. Blockchain, sometimes referred to as Distributed Ledger Technology DLT , makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing.

Explaining Bitcoin in Simple Terms

At its peak, cryptocurrency mining was an arms race that led to increased demand for graphics processing units GPUs. Despite the increased demand for GPUs, thecrypto mining gold rush quickly came to an end, as the difficulty of mining top cryptocurrencies like Bitcoin increased just as quickly. Mining cryptocurrencies, however, can still be profitable. So, what is crypto mining, is it legal, and how can you get started? This article takes a closer look at these questions. Most people think of crypto mining simply as a way of creating new coins. Crypto mining, however, also involves validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger. Most importantly, crypto mining prevents the double-spending of digital currency on a distributed network. Like physical currencies, when one member spends cryptocurrency, the digital ledger must be updatedby debiting one account and crediting the other. However, the challenge of a digital currency is that digital platforms are easily manipulated.

Bitcoin: What is it?

Bitcoin is designed to let you store, send, and receive money without any banks or credit card companies. Until Bitcoin came around, you needed banks, credit cards, or companies like PayPal and Venmo to send and receive money. These companies were necessary to do something only they could do: verify that the person spending money actually has money to spend. But what's so great about not using banks and credit card companies?

Understanding cryptocurrency: Everything a beginner needs to know

What does it all mean?! Distributed public ledger. Keys and wallets. Cryptocurrency supporters are predicting that their digital currencies will soon take over the material world. Read on for an all-inclusive guide explaining Bitcoin in simple terms. And huge thanks to friend-of-the-blog Bryan , who played a vital role in fact-checking this article.

Cryptocurrency: What You Need To Know Now

We use cookies to allow us and selected partners to improve your experience and our advertising. By continuing to browse you consent to our use of cookies. You can understand more and change your cookies preferences here. Bitcoin is one of thousands of cryptocurrencies also referred to as 'digital' or 'virtual' currency that aren't controlled by any country, treasury or central bank. Bitcoin was created in by an anonymous developer, who went by the pseudonym Satoshi Nakamoto, and hit the mainstream in following a rise in its value.

Explained | What are bitcoin mixers, and why are they used?

Fun, informative and concise episodes by a year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy a finance novice and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.

Super Simple Bitcoin Explanation

Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is nothing that can done to recover it. These coins will be forever orphaned in the system.

Bitcoin Explained – Chapter 8: How to buy and use Bitcoin

When the richest person in the world gives his support to a virtual currency you know it's big business. Elon Musk has told users of an online social media app that he thinks the virtual currency, Bitcoin, is a "good thing. His comments resulted in the value of Bitcoin rising significantly. As talk of the currency has gone global, the Bank of Singapore has suggested that the year-old currency could replace gold as its store of value. However, in October, the head of the Bank of England, Andrew Bailey, warned about the unpredictability of Bitcoin, saying it makes him, "very nervous".

I recently attended an industry seminar where the concept of the Blockchain was explained. At the end of the session, walking out of the lecture room I heard one of the attendees say to a colleague "I'm still not sure what exactly Blockchain is Many of us know that Blockchain is a topic that is hot at the moment. It's a topic that is disruptive.