The crypto world in simple words
Bitcoin, Blockchain and Satoshis… That are definitions you have already heard but cannot really explain? No problem, because if you have read our articles, you will not only be able to explain these terms, but also understand the crypto market, know the potential of the new technology and know, how to entertain with blockchain anecdotes. We explain the complicated crypto world to you in simple words.
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A short summary: What exactly is Bitcoin?
Bitcoin as an innovative, digital and decentralized means of payment
Bitcoin is a purely digital and decentrally managed currency, which is very different from state-issued currencies such as the Euro or US-Dollar. Bitcoin, for example, cannot be picked up and used for payment like a coin or note, but exists exclusively in a global computer network, the Bitcoin blockchain.
The storage and payment of the digital coins is therefore handled by special programs, so-called wallets. Unlike the common fiat currencies, Bitcoin is not controlled by a governmental institution such as the European Central Bank, but by all participants in the Bitcoin network. New money is also not issued by the state, but according to a previously defined algorithm.
That was too much information and technical definitions at once? We can understand that! That’s why we’ve summarized easy-to-understand explanations of all definitions as well as the technical and economic context of Bitcoin in short chapters. Just click on the respective chapter to learn more!
