What is Bitcoin or what does Bitcoin actually solve for a problem?

Cash can be exchanged between two parties very easily. In contrast, this was not possible with electronic money. Someone could copy electronic money in any way they like, such as a picture – imagine a photo of a bank note.

Electronic payments therefore required a trusted third party, such as a bank, to hold the accounts and verify the transaction.

Bitcoin solved exactly this problem. It no longer takes a financial institution to make a payment between two parties. You can also store the bitcoins without a bank or the like.

Bitcoin is therefore a network to make payments completely independently between only two parties.

This is achieved by entering the transactions in a public register, which cannot be changed afterwards. This technology is called Blockchain.

In addition, Bitcoin is a store of value that you have completely under your own control, like cash but electronically.

More and more people are realizing that we are dealing with an invention that, like the Internet, could turn the world upside down.

Would you like to learn technically sound and yet simply described how Bitcoin works?

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