What is Bitcoin? Let’s Understand This With A Discussion

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what is bitcoin

Hello and welcome to today’s fresh article. In this post, we’re going to talk about what is Bitcoin? One of the hardest questions to answer. You can be very simple, like for example, a Bitcoin internet money.

What is Bitcoin?

You have your phone you send money, you receive money, and there’s a type of money, okay? This is the simple, simple version. But I think bitcoin is much more than that, okay? To say bitcoin is just money… it’s like saying the internet years ago was just a telephone, you know? So it can be much more than that. Both Bitcoin and Internet.

And because Bitcoin works on the Internet… I want to have a little analogy here. Imagine this is the Internet.And the Internet has many applications. Example: Communications, right? Like Skype or Whatsapp. Social Media like Instagram or Facebook or maybe News, you know? Like the Guardian, etc and one of the applications isBitcoin, right? Bitcoin can only work in a network. In the Internet, okay? and so for us to understand Bitcoin first we need to understand morespecific about the Internet, okay? and this is what I want to explorewith you a little bit now: the Internet.

I know you’re saying “but I know theinternet” Internet is a network, okay? and I put a couple of articles, ok, for you tohave a look and I want to go with one of them with you, a little bit. One of them is this article… the link is in the workshop, ok? But one of them is this post from 1994, okay? 1994okay? And you can see these reporters talking about the internet, butthey didn’t they don’t even know what the internet is, so… let’s have a look.

A lot of people use it and communicate with it I guess they can communicate with NBC writers and producers. Allison, can you explain what internet is? She says:”Allison can you explain what the internet is?” I know… I know it’sfunny but it’s similar what bitcoin is today. Is in a situation not many peopleknow what it is. It’s like the internet in 1994. What is the Internet? The Internet.. is like a…. popular thing…. Some satellites up there… I picture in my head with like waves of Internet going to the phone… Somebody told me a cloud once.

The Internet is a lot like plumbing, it’salways moving. Most people… They kind of know what the Internet is, you know? they’re like oh it’s a cloud, it’s a… wire… Anyway, This guy here. This man here… Imagine this title for you Here’s the co-creator of the Internet Wow Imagine that. Me? yeah, I’ve co-created something. Ah, what? the Internet! Wow that’s amazing, you know.

So, anyway, This guy Vint, is talking a little bit about it. let’s have a look. Most people don’t haveany idea where the internet came from and it doesn’t matter. They don’t need toit’s sort of like asking who invented the ballpoint pen? or the flush toilet? oryou know, the zipper. these are all things we just use every day we don’t even think about the fact that one day somebody invented them.

So, the Internetis just like that. Paul Baran was trying to figure out how to build acommunication system that might actually survive a nuclear attack. Well basically, they were trying to protect the communication because communication was very centralized, right? And and if you had like an atomic bomb, for example you could… destroy… …a centralized network butnot destroy a distributed network which is what the internet essentially is, okay? and this is very similar to Bitcoin but let’s go a little bit more aboutit. Anybody in charge of the internet? The Government controls it. Elves. Obviously elves.

The people who control the Wi-Fi. Because than, no Wi-Fi, no internet. T-mobile… Xfinity… Bill gates. Bill gates. Bill gates. Right? The honest answer is… well nobody. And maybe in other answer is everybody the real answer is that the Internet is madeup of an incredibly large number of independently operated networks. What’s interesting about the system is that it’s fully distributed there’s nocentral control that’s deciding how packets are routed or where pieces ofnetworked are built, or even who interconnects with who.

This is a distributed network, right? This is you. This is your local internet provider,okay? The company that provides the Internet. And they have a little hub andthis hub is connected to… you know, hundreds of thousands and millions ofothers. And you can continue looking this video inthe materials but I think it gives you an idea, an understanding, youknow? What the internet is. It’s a distributed network, right? And this is important for us to understand because bitcoin is on top of the internet. And the first application of Bitcoin is money.

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