Blockchain & Bitcoin: Simple Explanations for Non-Specialists
Accessible explanations of blockchain and cryptocurrencies
With all the recent talk about cryptocurrencies, the recent price fluctuations of bitcoin over the past two months, and all the fuss about it on Tiktok, an article in simple terms explaining exactly what cryptocurrency is and why some people think it’s necessary has never been more needed.
It’s not really possible to explain why bitcoin exists and what makes it possible without accounting for blockchain too. So, here are simple definitions of each, and simple explanations about why they were both invented.
Why was blockchain invented?
A blockchain is a special kind of database that holds blocks of data about specified information. In the case of cryptocurrencies, blockchain entails what are effectively units of data about the transfer of currency.
Blockchain was invented in 2009 by the enigmatic and mysterious king of cryptocurrencies, Satoshi Nakamoto. It was originally invented to support the first, and most well-known cryptocurrency, bitcoin. Since 2014, innovators have been trying to use the technology in various industries.
The inventions of bitcoin and blockchain were inextricable, and one cannot be fully understood without…
