A Super-Simplified Explanation of Bitcoin
Why the price of BTC will be going up for a long, long time to come — explained in simple terms.
I sift through all the noise, clickbait, and disinformation regarding Bitcoin that’s flooding the internet and condense the facts into easy-to-understand concepts. If you value uncluttered information about Bitcoin and crypto, please click the “follow” button.
Before you delve into Bitcoin, you might want to read my article, “A Super-Simplified Explanation of Blockchains.”
Here’s my super-simplified explanation of the Bitcoin network:
The Bitcoin network is like a bank that’s owned by the people who use it (rather than by shareholders).
The network consists of a encrypted digital vaults where the “currency” is stored, plus a ledger system that enables and keeps track of all the transactions.
Unlike a regular bank, the more money depositors store in their vaults, the more every depositors’ BTC coins are worth.
