Brunswick on Nostr: Is this word salad? Bitcoin is a type of digital money that exists only on the ...
Is this word salad?
Bitcoin is a type of digital money that exists only on the internet. Unlike regular money (like dollars or euros), it's not controlled by any government or bank. Instead, it runs on a system where lots of people help keep track of all the transactions using a special kind of technology called "blockchain."
Imagine it like a digital ledger or a notebook that everyone can see, but no one can change unfairly. When you send or receive Bitcoin, your transaction is recorded in this notebook. The system uses computers to solve complex puzzles to make sure the transactions are secure and to "mine" new Bitcoins. This is how new Bitcoins are created and how people are rewarded for helping run the system.
In short: Bitcoin is online money that people trust because it's decentralized (not controlled by one person) and very hard to cheat.
Bitcoin is a type of digital money that exists only on the internet. Unlike regular money (like dollars or euros), it's not controlled by any government or bank. Instead, it runs on a system where lots of people help keep track of all the transactions using a special kind of technology called "blockchain."
Imagine it like a digital ledger or a notebook that everyone can see, but no one can change unfairly. When you send or receive Bitcoin, your transaction is recorded in this notebook. The system uses computers to solve complex puzzles to make sure the transactions are secure and to "mine" new Bitcoins. This is how new Bitcoins are created and how people are rewarded for helping run the system.
In short: Bitcoin is online money that people trust because it's decentralized (not controlled by one person) and very hard to cheat.