Bitcoin Explained in Simple Terms | by The Capital | The Capital | Jul, 2020

 

Bitcoin is a new type of money. A money that isn’t controlled by any single entity. A money that was born out of the frustration of the banking and government corruption. A money that beats off any corruption because unlike centrally controlled government money Bitcoin can’t be printed at will.

But what exactly is Bitcoin? Let’s try and explain Bitcoin so a five year old can understand it.

Bitcoin Explained Like I’m Five

ELI5 Bitcoin is the best place to start to understand Bitcoin, as it’s a complex computer program, but if we strip it down, we can explain it so a five year old can understand it.

Well, let’s say we’re playing monopoly, and as we know in a game of Monopoly the money in is limited. There can be no copies made of the money, and everybody who plays the game is the banker so nobody can cheat it, because everybody can see everything.

That’s like Bitcoin.

Obviously Bitcoin isn’t a game, but everyone who participates in Bitcoin is the banker, auditor and…


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