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Bitcoin Blockchain Explained in 5 Minutes What is Bitcoin FOR DUMMIES

Bitcoin Blockchain Explained in 5 Minutes What is Bitcoin FOR DUMMIES

Bitcoin Blockchain Explained in 5 Minutes What is Bitcoin FOR DUMMIES Vlog 1 what is Bitcoin for dummies, in this article I want to share with you what is Bitcoin for beginners I know Ive done a ton of articles about Bitcoin already but I really want to take a beginners approach on what bitcoin is so I want to share topics like you know, what is Bitcoin why use it how to use it on how to buy it where to buy it in specific countries and stuff like awareness stories and stuff like that but before I go into this article I want to do a huge shout out to Linda from pink support o for sending me this awesome gear I got shirts with custom QR codes and this is really cool the clothing line that he has set up its awesome go check him out on Instagram all link his Instagram down below for you guys if youre interested but lets get into the article right now so what is Bitcoin and how does it work bitcoin is a digital currency it is held and created electronically by us the people its the peoples money nobody really controls it but us so no large financial institutions that monopolize the financial you know the money about the world we are in control btc is decentralized and its pure supply and demand okay, what is Bitcoin has some key characteristics that set them apart from any government currency one of which is its decentralized its easy to set up it seemed its anonymous its completely transparent the transaction fees are minuscule its fast and its non reputable now lets break this all down what does it all mean what is decentralized well decentralized means that theres no central control point there is no big coin company number two its very easy to set up I can literally set you up with your own bank in two minutes number three its anonymous when you do a transaction people can see on the open ledger what transaction is done so I can see that right now theres ten Bitcoin sent to some other address but I dont know which address it is I dont know who the sender is I dont know who the receiver is number four its completely transparent like I said I can see that the transaction is happening on the ledger the blockchain but I just cannot see who the sender receiver is theres no name link to it its just a 34 character code the the Bitcoin address thats all I can see I can note I cannot see any names number five the fees are minuscule on average with Western Union bid nine percent fee with Bitcoin you dont I can send money from here from Amsterdam to Thailand and its gonna think that its gonna cost the same amount of money to send it there then it would me sending it to the United States or to Australia and its less than a dollar number six its fast I can set this money to Thailand and it arrives in seconds and number seven when you send your Bitcoin you cannot get it back its not like a credit card or PayPal where you can do do charge backs so for businesses this is really cool because your customer once they made the transactions they cannot sit they cannot get their money back its a push only type of deal and no pulling so my advice would be if youre sending your Bitcoin out which youre gonna learn in later articles how to do that make sure that the address is airtight because once you send it to the wrong address theres no way to get it back if you want to get some Bitcoin Ill link down below a link in the description if you buy more than 100 worth you get an extra 10 with my special link so check that out if you dont have pick one or so that will say guys for today what is Bitcoin for dummies if you liked this article give it a like if you have any other questions comment below and Ill answer every single one of them and let me know what you think of the tshirts and I might do a giveaway very soon.

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