Talking About Bitcoin in a Way People Can Actually Understand

Official bitcoin.org logo

“Bitcoin is designed to bring us back to a decentralized currency of the people.”

In a system also developed by Satoshi Nakamoto, Bitcoin is regulated in its own P2P network. P2P, or peer-to-peer, is defined directly on the Bitcoin website as, “systems that work like an organized collective by allowing each individual to interact directly with the others.” While this sounds like it can easily be manipulated for personal gain, the true brilliance of Bitcoin’s security is in the blockchain that is maintained on the network. Blockchain is the virtual public ledger that records every transaction made on the Bitcoin network in chronological order. Every user that is a part of the Bitcoin network shares an identical copy of the blockchain stored in their Bitcoin software — any time a bitcoin transaction is made, it has to be confirmed across all of these individual copies. As software developer Gavin Andersen describes it, “Bitcoin is designed to bring us back to a decentralized currency of the people.

Literal bitcoin mining

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Elliot Mauro

Elliot Mauro

Ambitious and passionate 23 year old journalist. They/them.