What is bitcoin

On my last post,i made a description of what cryptocurrency is.To fully understand bitcon, you need to have a knowledge about what cryptocurrency is..So if you don't have a knowledge about cryptocurrency,kindly visit herehttps://crypto4beginners.blogspot.com/2018/08/beginners-guidewhat-is-cryptocurrency.html But if you do,then continue reading....

Today i will try as much as possible to explain bitcoin in a beginners language..so let start with:

The Basics of bitcoin


 In a nutshell,i would say bitcoin is the first cryptocurrency that was evolved in the year 2009.But that doesn't give a clear description about bitcoin.Since bitcoin was created by geeks it is hard to get a clear definition about Bitcoin.Due to the technical nature of bitcoin, im going to provide some information in a simplified text.Im going to try to explain bitcoin without using some high level technical terms..So let start with some good example about Bitcoin..Thanks to ofir from 99bitcoin,i have really learned a lot about Bitcoin through him.. According to ofir,he gave a good example of what bitcoin is..in his words,he gave clear example of what bitcoin is..

"Imagine for a second that you are in charge of the task of inventing money. But you get this task today and not ages ago when money was initially invented. You’re basically asked to find a way for people to exchange an agreed value between one another.

I know it’s hard, but try to think. If this was done today, would we really be using metal coins and paper for this? Perhaps we can find a better way?

What if we wrote down somewhere, maybe in a file, what value each person has? This way we can keep track of how much each person can spend. So if I, for example, do some work for you, you would probably give me some of your value in exchange. Let’s name this value “Bitcoin”.And that clearly defines what bitcoin is......

How will people be defined in these file


So i guess each person will be given a unique address like an email and each file will be guarded by a password called secret key..


Where do we store our bitcoin

I would say in order to store our bitcoin we need to have a bitcoin wallet or a place where we can get access to our bitcoin..that brings us to the question on what is a bitcoin wallet..


How do we make transaction i.e send or receive bitcoin


 Bitcoin uses a network called Blockchain technology or network to process,track and store every of your transaction ..A blockchain is a decentralized platform that keeps record of all bitcoin transaction..To send bitcoin or receive,u need to know your bitcoin address.And just like an email which may be in the form as yourname@gmail.com,a bitcoin address may sometimes be your email address or a string of numbers and letters like these(161MD1zC1bcrsxWZkcQJxSV1AEJUwVcwhe) which is unique to you..

P.s-It’s important to know that every Bitcoin address has only one matching private key. But each private key can be used for multiple addresses. Just think about it this way: each email address has only one password that opens it. but you can use the same password for multiple email addresses.

In order to access your bitcoin wallet,let first compare how you send an email.In order to send an email,u need to open a program(for example Gmail and yahoo)and login so as to have access.That just how the bitcoin network is,u need to open a program in order to login and have full access to your bitcoin.These program is called a bitcoin client..Today most website act as both bitcoin client and wallet for example Blockchain.io,coinbase etc.


Is a bitcoin wallet still the same as a bitcoin client


You have to keep in mind that bitcoin wallet is different from a bitcoin client.Earlier on,i said a bitcoin wallet is a place where we store our private key and a bitcoin client act as a program just like Gmail that we use in accessing our bitcoin and making transaction.


In our later post im going to highlight some of the best bitcoin wallet and client,but for now,i would just use coinbase which is one of the most popular Bitcoin client and wallet..


What is bitcoin used for?


Bitcoin just like your local money, act as a payment method..Bitcoin can be used to widely in some organization to purchase goods.. Nowadays, Bitcoin can also be converted to your paper money such as usd,euros etc by means of an exchange.


How are bitcoins created


You might be asking,who create bitcoin,do they just appear.....You might be correct but the process is more complicated.Unlike your paper money which is printed,bitcoin is mined from a system.Dont worry,im going to make a post about what bitcoin mining is..So let just say in a beginners language,the process by which bitcoin is created or mined is called bitcoin mining..And the people who engage in such activities are called miners..In our later post im going to talk about mining so let just accept the definition for a while..

Keep in mind that some of the words used are words from my mentor ofir(99bitcoin) which are simplified text..

In general,if you think these post was helpful and you want to start your journey into the world of cryptocurrency,then i will say you are on the right track.But if you are kind of hesitating whether to start with the Blockchain technology just because of the crisis bitcoin is facing,then i guess you have to clear your doubt and begin to accept that cryptocurrency (which i mean bitcoin and altcoin),Hmm sorry to say altcoin but altcoins are also cryptocurrency,are the future currency..But in due time im going to talk about altcoin(which is the alternative to bitcoin)..Let just have in mind that cryptocurrency is the next currency..what i mean by currency,is cryptocurrency is the next future money which is the digital currency and no matter the crisis it's facing,it going to come out more stronger and better..So now is the best time to take advantage and invest..If you want to learn more about why you should invest in cryptocurrency visit here 

I hope these post was helpful,but if you have any question kindly comment or send me an email..