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A Guide On How To Understand Bitcoin And Cryptocurrency?  
  
Though Bitcoin is among the most looked for terms (in accordance with Google), it is a very technical subject for a lot of people and may get overly technical for non geeks. Nevertheless, there at the moment are hundreds of cryptocurrencies and more and more people are starting to wish to get to know how they work possibly pushed by a dis trust of bankers, which is an entire completely different discussion.  
  
It's tough to get a lay man's clarification without having to use technical terms corresponding to "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my best to keep things as straight forward as I possibly can.  
  
The Concept of Fiat money i.e. paper currency, was formulated to make it less complicated for people to make an change for items or providers to interchange bartering, as this would be limited to an trade between two willing parties at greatest, whereas money permits you to provide your service or goods, then purchase whatever service or items you require from another or others.  
  
Due to this fact, I would argue that Bitcoin is the 21st Century equivalent to bartering, in that it works as an trade for goods or companies directly between two willing parties. Bartering had to be based on every promise and trust, to provide and deliver the promised goods or service.  
  
Immediately with Bitcoin or some other cryptocurrency every party would need a novel file or distinctive key to alternate the agreed worth between every other.  
  
By having a unique key or file it turns into simpler to keep a record on each transaction. However, this too comes with problems.  
  
Now, bartering is the simple trade of skills or items as I've already stated, the fashionable equivalent, or bitcoin is inclined to security breaches, i.e. theft or hacking of files, this is the place a "cryptocurrency wallet" comes into the equation to safe your transactions.  
  
Basically you need a safe location on your cryptocurrency/bitcoin purchases and holdings. This is the place the necessity for a hardware wallet comes from.  
  
So now that you've got written down/recorded which address holds which quantity of Bitcoins and then updated each time a transaction is made, the file is known as "The blockchain" - and it keeps a record of all transactions made with bitcoin.  
  
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