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A Guide On How To Understand Bitcoin And Cryptocurrency?  
  
Despite the fact that Bitcoin is without doubt one of the most looked for phrases (based on Google), it is a really technical topic for lots of people and might get overly technical for non geeks. Nonetheless, there are now hundreds of cryptocurrencies and more and more individuals are starting to need to get to know how they work probably driven by a dis trust of bankers, which is a complete completely different discussion.  
  
It's tough to get a lay man's clarification without having to make use of 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 presumably can.  
  
The Idea of Fiat money i.e. paper currency, was formulated to make it easier for people to make an trade for goods or services to interchange bartering, as this would be limited to an change between two willing parties at best, whereas cash permits you to provide your service or goods, then purchase no matter service or items you require from one other or others.  
  
Subsequently, I might argue that Bitcoin is the twenty first Century equal to bartering, in that it works as an change for goods or companies directly between two willing parties. Bartering had to be based mostly on each promise and trust, to provide and deliver the promised goods or service.  
  
Right this moment with Bitcoin or any other cryptocurrency every party would wish a unique file or unique key to alternate the agreed value between every other.  
  
By having a unique key or file it becomes simpler to keep a report on each transaction. However, this too comes with problems.  
  
Now, bartering is the simple exchange of skills or items as I have already stated, the fashionable equivalent, or bitcoin is inclined to security breaches, i.e. theft or hacking of files, this is where a "cryptocurrency wallet" comes into the equation to safe your transactions.  
  
Basically you want a safe location to your cryptocurrency/bitcoin purchases and holdings. This is where the necessity for a hardware wallet comes from.  
  
So now that you have written down/recorded which address holds which quantity of Bitcoins after which updated every time a transaction is made, the file is known as "The blockchain" - and it keeps a document of all transactions made with bitcoin.  
  
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