Explain like im five bitcoin mining
If someone sends you a Bitcoin, you can trust that it has not already been sent elsewhere because a Miner will have verified that Bitcoin and told everyone else that the Bitcoin now belongs to you. Everyone knows where any Bitcoins are at any point in time. Bitcoins are anonymous no one knows who you are or how many Bitcoins you have. Anonymity means you can do what you want with your Bitcoins without anyone else knowing. Of course, if you tell someone what your wallet ID is, then they can trace all transactions from that wallet back to you.
So don't tell anyone which wallet is yours if you want privacy. You can create as many different wallets as you want. All of those factors make Bitcoins a currency that people can use for buying and selling things, and possibly for storing wealth. Want to buy some yourself? There are tons of ways to get bitcoin, but the easiest way is to use the most established crypto platform in the USA, Coinbase.
Help me help you! Now that you know something about Bitcoin, how does the digital currency actually work? Underneath it all is something called Blockchain. Here are some high-level concepts of the underpinning technology without gory technical details. Bitcoin is built on top of a technology called a blockchain. Think of a blockchain as a digital ledger of transactions, with a copy stored on every single user's computer.
Every time a new transaction takes place, a new record is added to the ledger, and an update is beamed out to the rest of the network in a peer-to-peer fashion. In this way, a blockchain gets decentralization since everyone has a copy of the ledger.
No single entity has monopoly over the validity of transactions which also means there is no single point of failure, barring some apocalyptic event. If someone offers me a unit of cash of a currency built on a blockchain, I can simply check the current state of that blockchain's ledger to see if the unit of cash is valid 1 and has not already been spent.
If it is indeed valid, then I accept the transaction, add a new record to my ledger, and send an update of the new state to the other nodes in our network. And that's a blockchain. Simple in concept and with many ways to implement for use cases. A lot of hard problems need to be solved for successful implementations, and Bitcoin is just currently the most popular of them. For a great high-level read on the real-world impact of blockchain, check out A beginner's guide to institutional cryptoeconomics.
A big question at this point is when there are conflicts in the ledger, how do we know which version is correct?
My version says a transaction took place, while yours shows a different one. This conflict is the double-spending problem, an obvious method to try and manipulate the system. Blockchain technology inherently does not solve this problem; implementations do.
Bitcoin, for example, solves the double-spending problem by using proof-of-work. And now we get to the new kid on the block chain , Ethereum. Investors and the public are treating it like another digital currency, but Ethereum can do a lot more than that.
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