When we want to send pictures, a passports photo for instance while we are on a trip, do we use the fax? I bet your answer is NO.

So take a moment and think about the future of credit cards and money in general… you guess it, similarly virtual money will play a huge role in the future.

Let’s suppose that we have two devices and we want to transfer 5 usd from device 1 to device 2 instantaneously.

1-    Put the amount

2-    Scan the QR code

3-    Click on send

4-    After few seconds …… Received funds. 

This process may be simple and usual, but perhaps it’s the most revolutionary technology in our life, this technology is called Bitcoin.

At the time being all of our daily transactions involve a third-party (Banks, credit card Company…) this is until the invention of Bitcoin “a digital breakthrough” which has a big impact on our life.

Bitcoin for Beginners

It is a digital currency that lives solely on the internet, it is now considered by many to be the “Digital GOLD” the powerful thing about Bitcoin is that it’s a network and a currency at the same time and that is impressive, and what makes it more powerful is that it is the first fully working concept of decentralized nature, it is not centralized in one place, unlike other systems

What makes it simple

Unlike others traditional money services providers ( PayPal, Banks….) that control who can use the service, who can’t use it, who’s allowed and who isn’t allowed, with Bitcoin there’s only a software protocol that anyone can install it and use it, take a benefits from it, above all it is very simple and easy to use, maybe easier than sending an email, this software that runs the Bitcoin protocol is commonly called a WALLET.

Is Bitcoin transparent?

Bitcoin is a big example of innovation, it’s a computer software, actually it is an open source software protocol, which means that no person or a company can control it, additionally it is transparent so you know exactly how many Bitcoin exists and it allows users to receive and send money instantly.

Public ledger

Public ledger or what is known as the Blockchain, perhaps could make Bitcoin a game changer, it is a network which is open-access to anyone, anytime. It is decentralized and runs without control of anyone, you can simply go to https://blockchain.info/ and track your transactions.

Bitcoin Mining

A miner is a person or entity who uses a very powerful computers in order to solve complex mathematical puzzles known as block, Bitcoin miners race to solve or to close a block so they will be rewarded with Bitcoin. Take it as Gold miners, same process but the second one happens in a digital way.

Private keys

Bitcoin enables users to hold the private keys of their own wallet and assets, so they control and protect them, if they lose any of their private keys, they lose access to their funds, in a simple way, you have a car and let’s suppose you got drunk and you lost the keys of your car, the car is still yours but you can’t access it, let’s say your friend found the keys, so even if it is still your car, but your friend has access to it.

Ultimately barriers to entry to Bitcoin are low, anyone around the globe who has an electronic device connected to the internet can benefit from it, and as much as it is easy, simple, and safe, it could be also dangerous if it is used in illegal operations that is why governments apply restrictions on Bitcoin in particular and cryptocurrency in general, a legal frame work is really important but the simplicity of Bitcoin makes it a bit complicated.

If you found these information valuable, like, leave a nice comment and motivate me to write more, thank you all.