1.1 - The Cryptoexplainr - "Bitcoin is easier experienced than explained"

In the words of Andreas Antonopoulos "Bitcoin is easier experienced than explained". This is true, but I will do my best.

Bitcoin is something you throw your hard earned cash into that promises to make you a millionaire within a short space of time...... right? Well for some people, several years ago that might have been a reality.

There's something much bigger at play here.

Let's start at the beginning.

in 2008 a scientific document was posted on a cryptographic mailing list titled "Bitcoin: a peer to peer electronic cash system", by the author Satoshi Nakamoto. Interestingly, to this day nobody other than Satoshi Nakomoto knows who he, she or they are. There are countless theories on the net ranging from Elon Musk being Satoshi himself which is the reason he has been able to fund his Space X projects, or that it is, in fact, the 4 Japanese tech giants Samsung, Toshiba, Nakamichi & Motorola! Anyway, I digress, but the truth remains a mystery. Which also makes it pretty cool...

Satoshi Nakamoto understood the floors in which the world's current financial system faced and claimed to have created a pure peer to peer version of digital cash, that would solve the problems & that could be used for payments without the need for a third party (Financial Institution). What's so hard about that I hear you cry? Well, the reason we have financial institutions in place is that they provide trust between the merchant and buyer involved in a transaction. As digital files are easy to duplicate, then whats stopping somebody spending the digital 'File' or "token' twice?

Allow me to paint a picture, the same problem occurs when counterfeit money is created, causing inflation as the new amount of 'counterfeit' money is generated, resulting in devaluation of the currency and distrust in the system.

Here lies the genius of Satoshi...

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Satoshi claimed to have solved the inherent problem that lies within digital money, "The double spending problem". Satoshi achieved this by ensuring without exception that all Bitcoin transactions must be included in the 'Blockchain'. A sexy new buzzword for technology that litters news articles, Facebook & drunken conversations.

Well sorry to disappoint... The Blockchain is, in short, a vast database. In order for Bitcoin Transactions to move through the blockchain from A to B, they require immense amounts of computing power to solve complex maths equations which by nature make it inherently difficult and almost impossible to falsify or duplicate a transaction.

But why is it so important?

For the first time in the history of money a completely decentralized system of currency, that does not rely on trust or financial institutions, runs without borders and allows anyone from any level of a class, creed or color to take part was created.

A system of money that gives control back to the individual was born.

"Bitcoin is easier experienced than explained".

See for yourself.

The Cryptoexplainr.