What Bitcoin is & How Bitcoin Works (A Simple Explanation)

Cryptocurrency for Beginners: with Crypto Casey

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Show Notes

This is an audio guide for beginners about what bitcoin is and how it works.


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======== SUMMARY ========

We break down bitcoin into simple concepts together, so by the end of the podcast, you will understand why bitcoin was created and the technology behind bitcoin.

If you Google search, “What is Bitcoin?,” you get answers like: “Bitcoin is the first decentralized open source, peer-to-peer network that is powered by its users with no central authority or middlemen using blockchain technology.”

Bitcoin may seem like a difficult concept to wrap your head around, yet it’s actually way simpler than most people think. 

Using bitcoin, you can send and receive value directly to anyone around the world, anytime.

One of the hangups people have with understanding bitcoin, is just another thing we’ve been conditioned to accept as standard business practice: which is separation between value and storage or transference of that value.

So we own and hold fiat like US dollars as something representative of value, yet use completely separate mechanisms to actually use it, store it, and move it around.

So instead of having fiat represent value and paying financial businesses like Venmo and JP-Morgan Chase to move it around and store it, Bitcoin is both value and a means to transfer, store, and manage that value.

This is because bitcoin is both digital value and it’s a network that can store and transfer the bits of digital value.

Value and usage of the value is simply one unified system in the case of bitcoin.


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