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Education by Bitcoin - Part I

For those unfamiliar with Bitcoin, you can find better ways to start comprehending it than this article; I would recommend Wikipedia for starters. The following guide is designed for people who already think they know what Bitcoin is, however, haven't yet traded in it. I was there - I believed I understood it, too, but having because dipped my toe in the pond, I've discovered an unexpectedly insightful experience. There are many nuances involved in the trading of Bitcoin as to create it tremendously educational. It compelled me to consider a great deal of the built-in attributes which go unscrutinized and even unrecognized in traditional currencies. In so doing, it made me my own values to those attributes, and allowed me to decide the most preferable methods of fulfilling my various needs - decisions that are normally taken from us.

There are facets of Bitcoin that make it like fiat currency, but it isn't cash. There are aspects similar to gold, but it is not bullion. There are aspects very similar to securities, but it isn't just a safety. The question of"What's it?" Is actually much more complex than it seems. No, in fact, that's not even technically correct. It means using a degree of authority quantified in Bitcoins to transfer that very same authority. Try to wrap your mind around that. Going forward, I will resort to speaking to Bitcoins as the item of value that's transferred, but know that my doing so is solely shorthand to produce this essay readable. Having Bitcoins is the ability to transfer authority.

Thus, upon deciding to acquire my first Bitcoin, the first step was to determine how to attain ability to transfer Bitcoins. An individual could theoretically print out the cryptographic code of a Bitcoin and hand the paper to somebody else as a means of transferring the Bitcoin represented by the code, but how could that receiver know that the printout hadn't been duplicated and spent? For that matter, how would the recipient know that the printout even represented some value in Bitcoin instead of merely a series of random characters?

If a Bitcoin printout is transferred around amongst a group of people without being subjected to the community, none of them would understand whether it was legitimate or counterfeit. It would be like passing around a bank draft made payable to"Bearer;" it might have already been compensated, or it may not have been great in the first place. No one would understand until they tried to present it for payment in the maker's bank. Provided that someone else is willing to accept a potentially-hot potato for products or services, maybe it doesn't matter, but folks tend to be wary of ending up using hot potatoes. I'm one person, so I wanted my own receipt of Bitcoins to be verified from the network. This turned my focus on a study of digital Bitcoin"pockets" Wallets are an electronic location to store Bitcoin codes.

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