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“What the Hell is Cryptocurrency anyway?”

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16 Comments

  1. So badly explained! Here how you should explain it:
    Bitcoins are always sitting on an address (like money is always sitting on a bank account). Those addresses and the amount of Bitcoins stored on those adressses are stored decentralized on databases on millions of computers in parallel (every computer has the same copy of this database) to have a maximum of security (no one can hack a bank and change the amount of Bitcoins you have on an address). Now you can transfer Bitcoins from one address to another address. To do so the owner of an address owns a password (a key) to access those Bitcoins. Only if you have this password (key) can you transfer Bitcoins from this address to another. If you lose this password (key) the amount of Bitcoin on this address will be lost forever because nobody will ever be able to access it (not going back to the system but lost forever).
    More:
    1 Bitcoin is 100.000.000 Satoshis. Therefore you also can send smaller amounts, like 0.001 Bitcoin or 0.0000001 Bitcoin.
    To motivate people to participate their computer to store those databases decentralized on millions of computers the system was build in a way to give away some Bitcoins to everyone participating. This is the core idea but it gets even better: Because there is no centralized computer who computes new transactions there is a competition going on which decides which computer is allowed to decide which transaction is valid (because some people could try to double spend some Bitcoins). Every 10 minutes there is a competition (every computer has to solve a mathematic problem) and because of its complexity only one computer will win and will be allowed to add all transactions. He gets rewarded with some Bitcoins = this is called "mining".
    To be more precise:
    The database not really stores the amount of Bitcoin on each address but instead all transactions ever made are stored. Every 10 minutes a block of new transactions will be added to the previous blocks. That's why a block-chain is created. And by having all transactions for ever stored you can of course at any time calculate how much Bitcoin is sitting on an address because you simply have to check all transactions done wich includes this address.

    And there is much more to know … Not really easy to explain it in some few sentences but i am sure i would have done it better! 😉
    Expect to spend 100 hours to really understand how it works and another 500 hours to get a really good feeling about it! 😉

  2. I thought about it as buying a part of my stock ( dividend reinvestment) in etrade which is what you are saying and the different exchanges..so it sound like the stock market in some ways

  3. Wow this was like 2 boomers trying to explain to each other what bitcoin is! Thanks for the laugh! For anyone saying in the comments below that bitcoin is only worth what the next person is willing to pay for it and has NO value – you are wrong, you dont know how money works, you dont know what decentralization means for remittance worldwide, and you definitely dont know that your government printed dollars are right now more inflated than ever before in history. Stick to stocks, because you don't know bitcoin 🙂

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  5. Bitcoin and similar assets are what we call speculative assets, meaning their value is determined by the next person willing to pay a higher price. Stocks real estate etc are productive assets where there value is derived from things they produce (e.g rents,profits etc.) Hence the term "productive" so there's definitely differences there 🙂

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