Since I'm new to this development, I'd seen information about the new digital currency (Bitcoin) online as I tried to learn more about it. There are countless articles on blockchain technology and the idea of mining on Google. Google searches return a ton of articles discussing the blockchain system and the idea of mining. However, I've discovered that none truly respond to the query "What is Bitcoin?"
I can produce a one-pound bill for a friend to grasp and inspect if they were to ask me, "What is a pound?" When he inquires about what a bitcoin is, what can I provide for them to review? Is there a list of figures I can print out and use as my reference? Alternatively, should I point to an entry on a public ledger and say, "There! That shows my bitcoin history!"
Basically, I'm curious to know what a bitcoin or any cryptocurrency unit looks like in real life.
Let me try to tell you what Bitcoin looks like in the real world.
Imagine that it is now the year 2100. Happy tanned man relaxing on his own tropical island. Next to him is a happy tanned (very beautiful) girl. They are absolutely alone on the island, so they are completely naked and dressed only in tan. The man is not only not wearing clothes, he also does not have a wallet with banknotes, plastic cards and a smartphone.
More precisely, he has a smartphone, but most of the time he lies in a drawer in a beautiful castle built in the center of the island.
Despite the fact that the man does not have a wallet or devices, he constantly carries all his money with him. These are the 12 English words he learned by heart that serve as the seed for the bitcoin wallet.
In the year 2100, the US dollar and other fiat currencies are no more, and bitcoin has become a universally accepted means of payment...
This is what bitcoin looks like in the real world!