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Introduction:
Bitcoin is the world's first cryptocurrency and it works because of the world's first public blockchain network.
Bitcoin lets you send and receive value, to and from anyone in the world using nothing more than a computer and an internet connection.
What makes it special?
- Bitcoin is different from every other tool used to send money over the internet because it works without the need to trust a middleman or trusted intermediary.
- This absence of a middleman owning the software or hardware means no private ownership, so bitcoin and the bitcoin network belong to the people of the world. - This means that bitcoin is the world's first publically owned digital payment infrastructure, and that means it is accessible by everyone with access to the internet and controlled by no one.
A brief explaination of Bitcoin I read and repeat here is this:
Bitcoin's main reasons for success could be attributed to the fact it removes and eliminates the need for an intermediary to access or conduct transactions; it's a more secure means of payment or transfer of value while also being transparent, which promotes trust. Bitcoin's technology offers all these features because it is built on a blockchain. source
- I would say this another way:
Bitcoin works well for a few main reasons:
Direct Deals: You can send money straight to another person without a middleman, like a bank.
Super Secure: It is a safer way to pay for things or move money around.
Everyone Can See It: The system is clear and open, which helps people trust it.
Bitcoin can do all these things because of the technology it uses, which is called the blockchain. The blockchain is like a public digital record book that everyone shares and no one can change.
- Another beautiful quote explains blockchain very well:
A blockchain is a digital ledger that keeps account of every transaction on a digital version of paper called a block, and everyone running a bitcoin wallet with. On the digital ledger the transaction and the record are one thing, so there are no errors in the record or ledger. And a complete copy of the historical ledger is called a Node, and after every transaction the entire network is updated simaltaneously and this includes the thousands of people running nodes worldwide, who make up the Network. Thus all on the Network, can view all the transactions and by all updating the record they verify them. The blockchain employs cryptographic algorithms to encrypt every data or transaction on it. This way, the security of the blockchain is the best available and unbreakable by any known Super computer. This enables peer-to-peer transactions, without using banks .
source
- I would say this another way:
A blockchain is like a digital record book. It keeps track of every transaction on pages called "blocks."
In this book, the money and the record of the money are the same thing. Because of this, there are no mistakes or messy math errors.
Thousands of people all over the world keep a full copy of this entire record book on their own computers. These computers are called Nodes. Whenever someone sends money, every single computer in the network updates at the exact same time. This group of people and their computers make up the Network.
Because everyone has a copy of the same book, they can all see the transactions and make sure they are real. This keeps everyone honest.
The blockchain also uses super-strong digital locks called cryptography. These locks are so tough that not even the most powerful supercomputer in the world can break them. This high-tech security allows people to send money directly to each other without needing a bank to help them.
Bitcoin and Cash, the same but different
- Cash is another way people give money to each other. It is often called "Person to Person," or Peer to Peer.
- People trade cash for goods (like food, cars, or houses) and services (like getting a haircut or piano lessons).
- Cash only works person-to-person when you are standing face-to-face with someone. It has no middlemen, like a bank.
How We Used to Pay Online
- Before Bitcoin, you could not send cash over the internet or phone. You had to use a private system, like a bank or a credit card company.
- These companies own the payment system.
- They control all the records, deciding who gets paid and when.
- This gives them a lot of power and lets them charge fees and make a lot of money.
- In that private system, you do not control your own money or the rules.
How Bitcoin Changed Everything
- Bitcoin lets you pay online person-to-person without a bank.
- With Bitcoin, the record book (the ledger) is public for everyone to see. It is called the blockchain.
- Anyone can add an entry to that public record just by sending their Bitcoin to someone else.
- In the bitcoin system the transaction or at of sending bitcoin is the record of the transaction or sending of bitcoin. There are no errors and no one can change the record. So we can all trust it, because we can all see it, and we know how it works, and watch it work.
- You can create a Bitcoin address for free to receive payments digitally.
- Now you know what Bitcoin is, how it works, and why it is special!
Questions?
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The End
About Me 
- I have written over 2000 articles about cryptocurrency, blockchain and decentralized finance.
- And I have written 120 articles on Bitcoin
- This Post is a chapter in my book called Bitcoin Wealth Playbook.
- Each chapter is a Step by Step Guides meant to help my readers move from Learning about cryptocurrency wealth, to Earning cryptocurrency wealth.